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A Limited Liability Partnership (LLP) is a business structure that combines the flexibility of a partnership and the limited liability of a company. It was first introduced in USA in 1991then in the United Kingdom in 2000, following the Limited Liability Partnership Act of 2000.
In India, LLPs are governed by the provisions of the Limited Liability Partnership Act, 2008 (LLP Act) (effective by way of notification dated 31 March 2009) and the Limited Liability Partnership Rules, 2009 (LLP Rules). LLP Act is applicable to the whole of India including the state of Jammu & Kashmir, unlike the Indian Partnership Act, 1932 ...
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Aug 13, 2021 · Limited Liability Partnership Act, 2008. A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership ...
Governed by LLP Act 2008, The Act came into force for most of its part on 31/03/2009, followed by its rules on 01/04/2009 and the registration of first LLP on 02/04/2009. It came as a result of the recommendations made by several expert committees like Bhatt Committee of 1972, Naik Committee of 1992, Abid Hussain Committee of 1997, Gupta ...
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3. Limited liability partnership to be body corporate.—(1) A limited liability partnership is a body corporate formed and incorporated under this Act and is a legal entity separate from that of its partners. (2) A limited liability partnership shall have perpetual succession.
Jan 1, 2007 · Limited Liability Partnerships (LLPs) are commercial vehicles which combine features of partnership and company. In law, partners bear unlimited liability even for the acts of...
The Limited Liability Partnership (LLP) is viewed as an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the flexibility of organising their internal structure as a partnership based on a mutually arrived agreement
