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What do you mean by Designated Partner? Whether it is mandatory to appoint Designated partner in a LLP? Kindly explain in 100-150 words Master
What do you mean by Designated Partner? Whether it is mandatory to appoint Designated partner in a LLP? Kindly explain in 100-150 words Master X was introduced to the benefits of partnership of M/s ABC & Co. with the consent of all partners. After attaining majority, more than six months elapsed and he failed to give a public notice as to whether he elected to become or not to become a partner in the firm. Later on, Mr. L, a supplier of material to M/s ABC & Co., filed a suit against M/s ABC & Co. for recovery of the debt due. In the light of the Indian Partnership Act, 1932, explain: (i) To what extent X will be liable if he failed to give public notice after attaining majority? (ii) Can Mr. L recover his debt from X? Kindly explain in 100-150 words
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