Exactly!! LLPs have a separate legal personality to the individuals within the partnership. thus, Can enter into the loan agreement in its own name. Unlike traditional partnerships, the personal assets of individual members of the LLP are protected and will only be held generally be liable for the debts of the LLP up to the amount of their contribution in it. If a lender wants members of an LLP to have personal liability then personal guarantees (with or without additional security) should be taken from the members.

I really appreciated your views. I guess you have given your answer from a perspective of loan transaction between LLP and Company. However, I am eager to know about loan by LLP from a natural person. 

Sorry for the inconvnience cause!!

The Act does not provide any restriction on the LLP to enter into an agrement with an individual regarding the loan. Thus, can obtain loan from individual.

Hope, this would mark upto your satisfaction

This is an indeed pleasure to seek your point to point reference. However, the inconvenience has been neglected. 

Further, could you also state the provision for loan transaction between LLP and natural person?