PENALTIES IN LLP
No. Title Section Provision Penalty for Non - Compliances 1. No. of Designated Partners 7(1) Every Limited Liability Partnership shall have at least two designated partners who are individuals and at least one of them shall be a resident in India. Provided that in case of a Limited Liability Partnership 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 limited liability partnership or nominees of such bodies corporate shall act as designated partners. Explanation.—For the purposes of this section, the term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty-two days during the immediately preceding one year. The Limited Liability Partnership and its every partner shall be punishable with fine which shall not be less than Rs...