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Jun 30, 2021 · A limited liability partnership (“ LLP ”) is generally viewed as an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the...
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.
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- Introduction
- Meaning and Features of A Limited Liability Partnership
- Composition of A Limited Liability Partnership
- Structure of A Limited Liability Partnership
- Responsibilities of Partners in A Limited Liability Partnership
- Drawbacks of Setting A Limited Liability Partnership
- Laws Applicable on Limited Liability Partnerships in India
- Conclusion
- References
Up until a few decades, businesses were limited to being either a company, partnership or sole proprietorship. Each kind of organisation had its own advantages and disadvantages; for instance, Partnership and proprietorship were easier to form and operate but did not have a limited liability which was a prominent feature of a company. The developme...
LLP is a fairly new concept in the world of businesses. Section 3 of the Limited Liability Partnership Act, 2008 defines an LLP as “a body corporate formed and incorporated under this Act and is a legal entity separate from that of its partners.”In layman’s terms, it can be understood as an amalgamation of a company and partnership due to its busin...
In order to form a limited liability partnership, it is mandatory to have at least two persons with no limitation to the maximum number of persons. The following ‘persons’ can be involved as partners:- 1. Individuals 2. Limited Liability Partnerships 3. Companies 4. Foreign Limited Liability Partnerships 5. Foreign Companies Apart from the above co...
The LLP Act states that an LLP shall be a ‘body corporate’ and a ‘legal entity’ which is separate from its partners. It is also given that the organisation would have perpetual succession. The term perpetual succession is defined by Merriam-Webster as “the capacity of a corporation to have continuous enjoyment of its property so long as it is legal...
Section 2(g) of the Limited Liability Partnership Act, 2008 states that in an LLP, a “Partner” is regarded to be a person who becomes a “partner in the LLP in accordance with the LLP agreement.” The partners act as an agent to the LLP and hence are one of the most important parts in the functioning of the organisation. Some of the important duties ...
Just as a coin has two sides, Limited Liability Partnerships have a few disadvantages. Some of them have been enlisted below: –
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. With such a distinct status, the contract amongst the partners in an LLP instead of being regulated by the Indian Partnership Act, 1932 are dealt wit...
Over time it has become evident that LLPs are certainly very profitable for business purposes as it is the union of the advantages of both a joint-stock company and a traditional partnership. It eliminates risks and encourages people to enter into partnerships, which in turn helps in the creation of new business ventures which are both economically...
Mar 22, 2022 · March 22, 2022. March 22, 2022 by Soniya BK. The Ministry of Corporate Affairs, by notification dated February 11, 2022, has notified amendments to the Limited Liability Partnership Act, 2008, (“ Act ”) through the Limited Liability Partnership (Amendment) Act, 2021, (“ Amendment Act ”), which shall be effective from April 1, 2022. [1]
Definition of Limited Liability Partnership. A Limited Liability Partnership (LLP) is a hybrid business structure that provides its partners with limited liability protection while allowing them to participate in the management and decision-making process.
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.
extent and limitation of liability of limited liability partnership and partners chapter vi. contributions chapter vii. financial disclosures chapter viii. assignment and transfer of partnership rights chapter ix. investigation chapter x. conversion into limited liability partnership chapter xi. foreign limited liability partnerships chapter xii
