CA Inter P2 · Chapter 11 · Question 3 of 11
As per section 7(1), every LLP must have at least:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Two designated partners who are individuals, at least one of whom is resident in India
Explanation
Section 7(1) requires every LLP to have at least two designated partners who are individuals, at least one of whom must be a resident in India. Where all partners are bodies corporate, or some are individuals and some bodies corporate, individuals or nominees of the bodies corporate act as designated partners.
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