The Limited Liability Partnership Act, 2008
Extent and Limitation of Liability of Limited Liability Partnership and Partners
Section 29: Holding out
29. (1) Any person, who by words spoken or written or by conduct, represents himself, or knowingly permits himself to be represented to be a partner in a limited liability partnership is liable to any person who has on the faith of any such representation given credit to the limited liability partnership, whether the person representing himself or represented to be a partner does or does not know that the representation has reached the person so giving credit:
Provided that where any credit is received by the limited liability partnership as a result of such representation, the limited liability partnership shall, without prejudice to the liability of the person so representing himself or represented to be a partner, be liable to the extent of credit received by it or any financial benefit derived thereon.
(2) Where after a partner’s death the business is continued in the same limited liability partnership name, the continued use of that name or of the deceased partner’s name as a part thereof shall not of itself make his legal representative or his estate liable for any act of the limited liability partnership done after his death.
Bare Acts: Click here for Category wise Insolvency & Bankruptcy Code, 2016, Chapter wise Companies Act, 2013, Arbitration Act and other bare acts. Click here for Rules & Regulations. Click here for Notifications & Circulars.
Disclaimer: Please refer original contents.