Membership Documentation for Partnership Firm Limited Liability Partnership (LLP) 2025

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The document outlines the membership application process for partnership firms and limited liability partnerships (LLPs) seeking to join the Ace Derivatives and Commodity Exchange Limited. It includes a comprehensive checklist of required documents, such as authorization letters, net worth certificates, details of partners, sharing patterns, and various undertakings related to foreign holdings and business operations. The document emphasizes compliance with regulatory requirements and provides specific formats for submissions.
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Perhaps the most important document for forming the limited partnership, however, is the limited partnership agreement. This is the document that spells out the terms of the partnership and will govern it throughout its duration.
An LP must have two or more owners. At least one must be a general partner who has unlimited, personal liability, and one must be a limited partner who has limited liability but is prohibited from participating in business management.
Every LP agreement should: Outline the rights and responsibilities of each partner in the partnership; Clarify how profits, losses, and tax matters are handled; Establish rules for how disputes should be managed; and.
As per MCA Circular No. 13/2013 it has been clarified that pursuant to Section 5 of the LLP Act, 2008 only an Individual or a Body Corporate may be a partner in a Limited Liability Partnership.
The Certificate of Limited Partnership must include: (1) the limited partnerships name, (2) its place of formation, (3) its principal office and mailing address (if different), (4) the names and addresses of each general partner, (5) and the name and address of the limited partnerships registered agent for service of

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People also ask

No, limited partnerships do not have articles of incorporation. To create a limited partnership the certificate of limited partnership which is similar to articles of incorporation is filed with the state together with a filing fee, the document contains pertinent information about limited and general partners.

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