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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. The
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.
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Limited Liability Partnerships - The NewAge Business Vehicle. LLPs are rapidly emerging as an alternative to companies and partnership firms which have traditionally been used as forms of business entities. LLP is a hybrid form of business entity which combines the merits of a company and a partnership.
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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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(m)"foreign limited liability partnership" means a limited liability partnership formed, incorporated or registered outside India which establishes a place of business within India; (n) "limited liability partnership" means a partnership formed and registered under this Act;
• 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. † A limited liability partnership shall have perpetual succession. † Any change in the partners of a limited liability partnership shall not affect
Jan 1, 2007 · Abstract. 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 other ...
