Question 3 (a)

Eligibility conditions for becoming a partner in an LLP

5 marks

Time to write
About 10 minutes

From an older CBCS paper

Question

Question 3 (a) · 5 marks

Explain each of the following:—

  1. The Eligibility conditions for becoming a partner in an LLP

Reworded from the university paper; the task is the same. The original paper belongs to the University of Delhi. See DU's question bank.

Before you write

Read off the question and its marks

10 minfor 5 marks

Read from the question

  • ExplainEach point stated, then explained in a line or two.

Write it in this order

  1. Read; underline the asks; jot your points 1 min
  2. 1 Who can become a partner 2 marks 3 min
  3. 2 Disqualifications 3 marks 5 min
  4. Check: every ask answered, key terms underlined 1 min

Short on time? Trim steps 1 and 2 evenly rather than skip one: each is capped at its own marks.

Try it first. About 10 minutes for 5 marks. Write it out, then open the solution.

Solution

Hover or tap a marked figure, like 72,000, to see how it is made and where else it appears.

Who can become a partner. Under section 5 of the Limited Liability Partnership Act, 2008, any individual or body corporate may be a partner in an LLP. On incorporation the subscribers to the incorporation document are its partners, and any other person may become a partner by and in accordance with the LLP agreement (s. 22).

Disqualifications (s. 5). An individual is not capable of becoming a partner if:

  1. a competent court has found him to be of unsound mind, and that finding still stands;
  2. he is an undischarged insolvent; or
  3. his application to be declared an insolvent is still pending.

Where the 5 marks sit

#ComponentMarks
1Who can become a partner2
2Disqualifications3
Total5
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