What Is Limited Liability Partnership Act 2008

Nature of limited liability partnership.

What is limited liability partnership act 2008. 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. The lok sabha passed the limited liability partnership bill on 13 december 2008 thereafter it received the assent of the president on 7 january 2009 and thereby it has received legal status as limited liability partnership act 2008. Non applicability of the indian partnership act 1932. Short title extent and commencement.

Llp is a business vehicle that integrates the advantages of limited liability of a company and the flexibility of the partnership i e. Accordingly same act governs the closure of llp also. The limited liability partnership act 2008 was published in the official gazette of india on 9 january 2009 and has been in effect since 31 march 2009. Manager in relation to a limited liability partnership means any person whether or not a partner of the limited liability partnership who is concerned in or takes part in the management of the limited liability partnership whether or not his particulars or consent to act are lodged with the registrar as required under section 23 2.

For organising their internal composition and operation as a partnership. Limited liability partnership limited liability partnership act 2008 llp for business environment and law. Limited liability partnership llp is an incorporated partnership formed and registered under the limited liability partnership act 2008 with limited liability and perpetual succession. Limited liability partnership shortly known as llp is described as a body corporate created and registered under limited liability partnership act 2008.

Llp act 2008 introduction. The introduction of llp has provided a. The act came into force for most part on 31st march 2009 followed by its rules on 1st april 2009 and the registration of the first llp on 2nd april 2009. In india businesses mainly operate as companies sole proprietorship and partnership.

The topic is covered in all levels of cs company secretary. Definition of limited liability partnership llp limited liability partnership llp is an incorporated partnership formed and registered under the limited liability partnership act 2008 the act with limited liability and perpetual succession. Limited liability partnership is an important part of cs foundation subject business environment and law. The limited liability partnership act 2008 was enacted by the parliament of india to introduce and legally sanction the concept of llp in india.