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Under Section 5, an individual CANNOT become a partner in an LLP if he:
AHas been found of unsound mind, is an undischarged insolvent, or has a pending insolvency application
BIs a foreign national
CIs below 21 years
DOwns another business
Answer & Solution
Correct answer: A. Has been found of unsound mind, is an undischarged insolvent, or has a pending insolvency application
Section 5 disqualifies an individual found of unsound mind by a court, an undischarged insolvent, or one whose insolvency application is pending.
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