26

Limited Liability Partnership Act, 2008

Learning objectives

After reading this chapter, you will be able to understand:

  • Salient features and nature of LLP
  • Difference between LLP and other forms of business
  • Partners, designated partner and their rights and duties
  • Process of incorporation and conversion of a firm or private company into LLP
  • Provisions relating to registered office and name
  • Financial disclosure, annual return and taxation of LLP
  • Winding up and dissolution of LLP

The LLP structure is practised in countries like United Kingdom, United States of America, various Gulf countries, Australia and Singapore. In India, the LLP Act was drafted based on the advice of experts who studied LLP legislations in various countries. The ...

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