Section 5 of the Limited Liability Partnership Act, 2008 – Partners

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Section 5: Partners

Any individual or body corporate may be a partner in a limited liability partnership: Provided that an individual shall not be capable of becoming a partner of a limited liability partnership, if–

  • (a) he has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force;
  • (b) he is an undischarged insolvent; or
  • (c) he has applied to be adjudicated as an insolvent and his application is pending.

Source: official text of The Limited Liability Partnership Act, 2008 as published on India Code (PDF). All sections of the Limited Liability Partnership Act, 2008.

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