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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
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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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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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 ...
Further, LLP Rules 2009 as amended from time to time are also to be complied with. SALIENT FEATURES OF THE LLP ACT, 2008 The salient features of the LLP Act, 2008, inter alia are as follows: (i) The LLP is a body corporate and a legal entity separate from its (ii) Any two or more persons, associated for carrying on a lawful business with a to ...
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 ...
LLP Agreement Sec.2.o - Definition : "limited liability partnership agreement" means any written agreement between the partners of the limited liability partnership or between the limited liability partnership and its partners which determines the mutual rights and duties of the partners and their
