Duties and Rights of a LLP Partner
Partners of a LLP are bound to carry on the business of the LLP to common advantage, to be just and faithful to each other, and to render true accounts and full information of all things affecting the firm to any partner.Know More IMPORTANT
Duty to Indemnify
Every Partner of a LP is required to indemnify the LLP for any losses caused to it by a fraud in the conduct of the business of the firm.
Rights of Partner
All Partners have right to take part in the conduct of the business of the LLP and access to inspect and copy the book of accounts of the LLP.
The authority of a Partner to bind the LLP, in case of an transaction carried on, in the usual way business is carried on by the LLP, binds the LLP.
Properties of LLP
All property, rights and interest in assets (tangible or intangible) acquired or developed with the money of the LLP are deemed to belong to the LLP.