Unit 2 of Contract – II (syllabus: Module II — the nature of a limited liability partnership under ss. 2 to 10, incorporation, partners and their relations, extent and limitation of liability, and the comparison with a firm and a company). Below: what the unit covers, the provisions it turns on, and the cases an examiner expects you to name.
What this unit covers
- What does it mean that an LLP is a body corporate?
- How far is a partner of an LLP personally liable?
- Who are designated partners and what do they answer for?
- What governs the relations of partners of an LLP among themselves?
- When does a person cease to be a partner of an LLP, and what follows?
- What is the effect of converting a firm or company into an LLP?
- On what grounds may an LLP be wound up by the Tribunal?
- What did the Limited Liability Partnership (Amendment) Act 2021 change?
Treat that list as a self-test: recite each topic's rule from memory before you open its cases.
Provisions
- Limited Liability Partnership Act 2008, s. 3, 4 and 14
- Limited Liability Partnership Act 2008, s. 26, 27 and 28
- Limited Liability Partnership Act 2008, s. 7, 8 and 9
- Limited Liability Partnership Act 2008, s. 23 and the First Schedule
- Limited Liability Partnership Act 2008, s. 24 and 25
- Limited Liability Partnership Act 2008, s. 55 to 58 and the Second Schedule
- Limited Liability Partnership Act 2008, s. 63, 64 and 65
- Limited Liability Partnership Act 2008, s. 2(1)(ta), 34A, 39 and 76A