Clause 27(4)/chapter V of LLP Act 2008 states 'The liabilities of the limited liablity partnership shall be met out of the property of limited liablity partnership.' Does this mean that property of designated partners such as plot / house /flat etc can be attached /penalised by the Govt /Bank etc in some circumstances. If yes, how to get out of this situation. The LLP s registered address is same as that of his present house address.One of the designated partner is joint owner of the property from where the LLP is registered. Any model LLP agreement to share for knowledge and improving the LLP agreement.
