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    Charge creation by LLP

    Posted By : SARIKA / Published on : 07-Jul-2022 06:52 AM / View : 233 / Comment : 3

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    There is no provision to get the charges registered under the LLP act 2008 and LLP rules 2009 Unlike the Companies Act 2013.

    But LLP form-8 shows that annual returns to be filed by LLP can be either as 'Annual form or interim'.

    Further, form 8 mandates a declaration of designated partners in part A (statement of solvency) stating that creation of charge modification or satisfaction has been filed till the present financial year. This implies that LLP can borrow secured loan. It is only inference that one can draw from reading the contents of Form No-8.

    Therefore, when LLP takes a loan and wants to create charge, it has to file interim Form No- 8 to create charge. (please note that the declaration in statement of solvency reads as 'We have already filed a statement indicating creation of charges or modification or satisfaction thereof till the present financial year'). It is worth noting that the word' SOLVENCY' is not defined in LLP Act or The Companies Act or even in The Insolvency and Bankruptcy Code, 2016.
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