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The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of an LLP shall not affect the ...
India introduced The Limited Liability Partnership Act in 2008 to legally authorize the concept of Limited Liability Partnerships (LLP). A blend between a private company and a partnership LLP’s have recently become a very popular form of business vehicle. Let us study them in some detail.
- LLP is a body corporate. According to Section 3 of the Limited Liability Partnership Act 2008 (LLP Act), an LLP is a body corporate, formed and incorporated under the Act.
- Perpetual Succession. Unlike a general partnership firm, a limited liability partnership can continue its existence even after the retirement, insanity, insolvency or even death of one or more partners.
- Separate Legal Entity. Just like a corporation or a company, it is a separate legal body. Further, it is completely liable for its assets. Also, the liability of the partners has certain limitations in their contribution to the LLP.
- Mutual Agency. Another difference between an LLP and a partnership firm is that independent or unauthorized actions of one partner do not make the other partners liable.
Discover the key aspects of the Limited Liability Partnership Act 2008 in India. Understand the definition of LLP, its advantages, the process of incorporation, and the distinguishing features of LLPs.
The Limited Liability Partnership Act, 2008 Long Title: An Act to make provisions for the formation and regulation of limited liability partnerships and for matters connected therewith or incidental thereto.
Jan 11, 2024 · A Limited Liability Partnership (LLP) is a business entity that bonds the features of a partnership and a corporation. It provides its partners with limited liability protection while retaining the flexibility and tax benefits associated with a partnership.
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In India, the LLP form of business organization was introduced relatively recently with the enactment of the Limited Liability Partnership Act, 2008. This article delves into the legal history of LLPs in India, tracing its origins, key milestones, and notable developments.
