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•Duties of IDs in Schedule IV of Act. •Duties enshrined based on Report of J.J.Irani Committee •Act watershed - duties of directors spelt out for the first time. • Previous Act only contained in Sec 312 provision relating to assignment of office by director. •Section 166 - corresponds to Sections 171 to 175 of UK Act,2006. •Duties:
Nov 17, 2021 · The Amendment Act provides that the penalty payable for non-compliance of the LLP Act by a Small LLP or a Start-Up LLP or by its partner or designated partner shall be one-half of the penalty specified, subject to a maximum of INR 1,00,000 (Rupees one lakh) for limited liability partnership and INR 50,000 (Rupees fifty thousand) for every ...
Feb 22, 2021 · The Parliament of India enacted the Limited Liability Partnership (LLP) Act, 2008 to introduce a special corporate business vehicle to be known as LLP that allows its members to have the flexibility of organising their internal structure as a partnership and also provides the benefits of limited liability as availed by Companies.
Oct 2, 2022 · The Limited Liability Partnership Act, 2008 (hereinafter “the Act” provides the provisions relating to the regulation of limited liability partnerships in India. This article highlights the salient features and the amendments to the Act and provides a critical analysis of its effectiveness.
Feb 28, 2022 · Laws applicable on Limited Liability Partnerships in India. In India, the term Limited Liability Partnership (LLP) was first introduced in the year 2008 through a legislation of Limited Liability Partnership Act, 2008 which governs all the LLPs in the country.
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Dec 10, 2021 · Act in accordance with the articles of association of the company. Act in good faith to promote the objectives of the company. Perform duty of care, skill and diligence and exercise independent judgment. Act in the best interests of the company, its employees, the shareholders, and the community and for the protection of the environment.
