Nature of Limited Liability Partnership
7. For the purposes of sub-section (3) of section 7, an individual shall give his prior consent to act as a designated partner to the limited liability partnership in Form 9.
8. For the purposes of sub-section (4) of section 7, the particulars of an individual who has given his consent to act as designated partner shall be filed in Form 4 along with fee as mentioned in Annexure ‘A’
Provided that in case of incorporation, the individual who has given his consent to act as Partner or designated Partner shall file consent in Form 2 along with fee as mentioned in Annexure A.
9. (1) A person shall not be capable of being appointed as a designated partner of a limited liability partnership, if he –
- has at any time within the preceding five years been adjudged insolvent; or
- suspends, or has at any time within the preceding five years suspended payment to his creditors and has not at any time within the preceding five years made, a composition with them; or
- has been convicted by a Court for any offence involving moral turpitude and sentenced in respect thereof to imprisonment for not less than six months; or
- has been convicted by a Court for an offence involving section 30 of the Act.
(2) The Central Government may, by notification in the Official Gazette, remove the disqualification incurred by any person by virtue of clauses (a) or (b) of sub-rule (1), either generally or in relation to any limited liability partnership or limited liability partnerships specified in the notification.