URGENT: LLP Partners :- C.S. & a Lawyer

[manav harivyasi]

Dear All,

As i have done all research regarding the same and came on this:-

Company Secretary:- The Council has passed the following resolution under regulation 168  allowing Company Secretaries in Practice to become partners of LLP, the objects  of which include areas which fall within the scope of non-attestation services of the profession of Company Secretaries or in any other business or occupation.

“Resolved that under regulation 168 of the Company Secretaries Regulations, 1982, the Council gives general permission to the members in practice to :

(a)    become passive partner of a limited liability partnership (LLP) the objects of which include carrying out non-attestation services which fall within the scope of the profession of Company Secretaries irrespective of whether  or not the practising member holds substantial interest in that LLP;

                (b)  become passive partner of LLP which is engaged in any other business or occupation provided that the practising member does not hold substantial interest in that LLP.

A “passive partner” means a partner of LLP who fulfils the following conditions:

(a)      he must not be a designated partner;

(b)     subject to the LLP agreement, he may make agreed contribution to the capital of LLP and receive share in the profits of the LLP; and

(c)      he must not take part in the management of the LLP nor act as an agent of the LLP or of any partner of the LLP;

Lawyer:- The Bar council of India made certain rules in this regard under the Advocates Act, 1961. A legal practitioner, while he is on the rolls of a high court, is not entitled to enter into any business or service without permission of the court. If he does, disciplinary action may be taken against such person. There are however a few exceptions to this rule.

Section VII of the rules provides for the restriction on other employments:

47. An advocate shall not personally engage in any business; but he may be a sleeping partner in a firm doing business provided that in the opinion of the appropriate State Bar Council, the nature of the business is not inconsistent with the dignity of the profession. 

[manav harivyasi]

Still confused whether they can form LLP or not,

If yes then why?

and it is clear that they both can be sleeping partners but if they will share profits and will come into this agreement.. will it not be a violation of Rule 47 mentioned above?

[CS Ankit Misra]

How can PCS itself form any LLP object of which is to carry out the services of Company Secretaries as atleast two designated partners are required to form a LLP?

--
--
************************************************
Mail your comments, feedback and suggestions on CSMysore to Moderator: datta...@gmail.com and Manager: vivekhe...@gmail.com
---
You received this message because you are subscribed to the Google Groups "CSMysore" group.
To unsubscribe from this group and stop receiving emails from it, send an email to csmysore+u...@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.

--

regards,

ANKIT MISRA

COMPANY SECRETARY

KANPUR

8009968692

 Please do not print this email unless absolutely necessary

[manav harivyasi]

Dear Ankit Sir,

He can be a Passive partner of that LLP and further he can make any of his relative "Designated Partner"

as given above the services of CS can contradict with his profession.

[Prem Tripathi]

Dear Friend,

Very apt question.

You may please write to p...@icsi.edu (email ID for PCS).

Thanks & Regards,

CS. Premnarayan Tripathi

Ahmedabad

+91 89800 26497