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What is the difference in designated partner and only partner in terms of power in LLP?

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posted Jun 16 by Chetan Hindu

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1 Answer

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In my knowledge, designated partner is responsible for day to day management of the LLP, while partner is one who invest in LLP, but does not take part in day to day management of the LLP.

Any individual or body corporate may be a partner in a LLP.
the requirements in respect of “Designated Partners”
Appointment of at least two “Designated Partners” shall be mandatory for all LLPs. “Designated Partners” shall also be accountable for regulatory and legal compliances, besides their liability as ‘partners, per-se”.

Who can be a “Designated Partner”?
Every LLP shall be required to have atleast two Designated Partners who shall be individuals and at least one of the Designated Partner shall be a resident of India. In case of a LLP in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.

answer Jun 17 by Swati Tyagi
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