Legal Provision

• LLP Act does not use the term “managing partner” officially

• Law mandates appointment of minimum two designated partners

• Designated partners handle all compliance and legal duties

• LLP agreement can define internal roles including management

• Managing partner role is a contractual internal position

Defined in LLP Agreement

• LLP agreement can authorize one partner as managing partner

• Role and authority must be clearly defined in agreement

• Duties may include daily operations and decision-making powers

• Other partners must agree to the designation through resolution

• Agreement should specify limits and scope of responsibilities

Powers and Duties

• Managing partner may represent LLP in business transactions

• Can supervise teams, approve expenditures, and manage accounts

• May oversee client relations, contracts, and compliance tasks

• Role can include staff hiring and resource allocation powers

• Cannot override decisions needing all partners’ approval

Appointment Procedure

• Partners must mutually consent to appoint managing partner

• Resolution should be recorded and agreement updated if needed

• Name and role may be mentioned in LLP’s official documents

• No requirement to notify RoC unless agreement is changed

• Documentation ensures clarity and avoids future disputes

Liability and Accountability

• Managing partner is still subject to joint liability rules

• Must act in good faith and within authorized powers

• Cannot misuse authority beyond LLP agreement provisions

• May be held accountable for financial or legal mismanagement

• Role does not exempt from duties as a designated partner