What is body corporate DP nominee?

Answer: This happens when one of the partner of LLP is a corporate and not individual. Hence, corporate partner has to nominate an individual as a partner on its behalf. When the nominated partner is a designated partner, such a person is called as ‘DP nominee’ body corporate in LLP.

Who is body corporate in LLP?

(i) The LLP shall be a body corporate and a legal entity separate from its partners. Any two or more persons, associated for carrying on a lawful business with a view to profit, may by subscribing their names to an incorporation document and filing the same with the Registrar, form a Limited Liability Partnership.

What is DP in LLP?

Designated Partner mean any partner designated as such pursuant to Section 7 of the LLP Act. DP is a term used in the LLP who have been designated as such for doing the duties and discharging the liabilities of such partners under the LLP Act. In all LLP, atleast one of the DP must be an Indian Resident.

Can a body corporate be partner in LLP?

An individual or body corporate may become a partner in LLP. LLP must have at least two individuals as Designated Partners. At least one of the Designated Partners must be resident in India. A body corporate partner of the LLP may nominate an individual as a Designated Partner.

What is meant by body corporate?

Meaning of body corporate in English an organization such as a company or government that is considered to have its own legal rights and responsibilities: Although the US parent company is not a public company, it is a body corporate whose shares are offered to the public.

Who can be nominee of body corporate?

A nominee can be a family member or a friend or any other person whom you trust. Only one person can be appointed as a nominee.

What is a body corporate?

A body corporate is a legal entity which is created when land is subdivided and registered under the Land Title Act 1994 to establish a community titles scheme. All of the owners in a community titles scheme are automatically members of the body corporate when they buy their lot.

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