Paper on Limited Liability Partnership Law in India

Professor Afra Afsharipour
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.
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.
Readers interested
in this topic may also refer to two previous papers:

About the author

Umakanth Varottil

Umakanth Varottil is an Associate Professor at the Faculty of Law, National University of Singapore. He specializes in corporate law and governance, mergers and acquisitions and cross-border investments. Prior to his foray into academia, Umakanth was a partner at a pre-eminent law firm in India.

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