Professor Afra Afsharipour
has a paper titled The Advent of
the LLP in India, the abstract of which is follows:
has a paper titled The Advent of
the LLP in India, the abstract of which is follows:
In
2008, India passed a ground-breaking law to introduce the Limited Liability
Partnership form into Indian business law. The Indian LLP Act was the first
major introduction of a new business form in India in over 50 years. While the
partnership and corporate forms (i.e. companies under the Indian Companies Act)
have long flourished in India, both forms have presented challenges for certain
Indian businesses. The Indian government’s impetus for the LLP Act was to
develop a business association form that could better meet the needs of
entrepreneurs and professionals with respect to liability exposure, regulatory
compliance costs and growth. This chapter begins with a broad overview of the
political and legislative process which led to the adoption of the LLP Act. It
then addresses the critical aspects of the Indian LLP Act, and analyzes some of
the challenges and uncertainties that may derail the success of the LLP form.
2008, India passed a ground-breaking law to introduce the Limited Liability
Partnership form into Indian business law. The Indian LLP Act was the first
major introduction of a new business form in India in over 50 years. While the
partnership and corporate forms (i.e. companies under the Indian Companies Act)
have long flourished in India, both forms have presented challenges for certain
Indian businesses. The Indian government’s impetus for the LLP Act was to
develop a business association form that could better meet the needs of
entrepreneurs and professionals with respect to liability exposure, regulatory
compliance costs and growth. This chapter begins with a broad overview of the
political and legislative process which led to the adoption of the LLP Act. It
then addresses the critical aspects of the Indian LLP Act, and analyzes some of
the challenges and uncertainties that may derail the success of the LLP form.
The paper’s detailed
analysis of the evolution and rationale for the LLP Act is extremely relevant
and timely, especially given the limited literature about this business form in
India.
analysis of the evolution and rationale for the LLP Act is extremely relevant
and timely, especially given the limited literature about this business form in
India.
Readers interested
in this topic may also refer to two previous papers:
in this topic may also refer to two previous papers:
1. Decoding
the New Business Vehicle of India: The Limited Liability Partnership by
Nivedita Sen & Neha Mathen; and
the New Business Vehicle of India: The Limited Liability Partnership by
Nivedita Sen & Neha Mathen; and
2. The Indian
LLP Law: Some Concerns for Lawyers and Chartered Accountants by Amit M. Sachdeva
& Sachin Sachdeva.
LLP Law: Some Concerns for Lawyers and Chartered Accountants by Amit M. Sachdeva
& Sachin Sachdeva.
Thank you for the post.
Nice article. Limited Liability Partnership is an advanced version of partnership firm registered under the LLP Act, 2008.