TagPartnerships

LLP Bill Passed in Parliament

Media reports (here and here) indicate that the Limited Liability Partnership Bill, 2008 has been passed by Parliament. It was passed in the Lok Sabha on December 12, 2008, while the Rajya Sabha had already approved the Bill on October 24, 2008. The Ministry of Company Affairs has also published on its website two sets of draft rules relating to LLP for comments from the public: 1. The Limited...

Companies Bill Introduced in Parliament

Close on the heels of the Limited Liability Partnership Bill, the much anticipated Companies Bill, 2008 was introduced in Parliament on October 23, 2008. The Government’s press release carries the salient features of the Bill, which is set to usher in the most significant changes to company law since perhaps 1956 when the current Companies Act was brought into being. Both the Limited Liability...

LLP Bill Introduced in Parliament

The new Limited Liability Partnership Bill, 2008 was introduced in Parliament on October 21, 2008. This supersedes the previous Bill of 2006, which was withdrawn. The salient features of the new Bill are set out in the Government’s press release as follows: “(i) The LLP will be an alternative corporate business vehicle that would give the benefits of limited liability but would allow its members...

An Exotic Precedent in Partnership Law

Straying beyond Indian borders and also into partnership law territory, here is a link in a lighter vein to a post on Ideoblog:
“We don’t usually think of Jerry Seinfeld as an authority on partnership law, but a very recent Maryland case reveals this other side.”
Enjoy that post.

Legal Practices and Public Ownership

We have previously discussed on this blog (here and here) the phenomenon whereby law firms could undertake transactions such as public offering of securities and buyouts. The current issue of The Economist carries a column on this topic. Here is an extract: “Investing in law firms is more than just a pipe dream. A change in British law, introduced last year, enables law firms to use business...

Revised Limited Liability Partnership Bill on the Horizon

A revised bill on Limited Liability Partnerships (LLPs) has been approved by the Union Cabinet, reports The Economic Times. The LLP Bill is set to be introduced in Parliament soon. The establishment of LLPs would enable professional services firms, such as those constituted by chartered accountants and lawyers, to carry on their activities without risk of personal liability of partners (beyond...

Limited Liability Partnerships: Some Developments

While it is reported that the Limited Liability Partnership Bill is likely to be cleared during the Budget session of Parliament, there have been some interesting developments that will make limited liability partnerships (LLPs) attractive, at least to some types of business. The first relates to multi-disciplinary partnerships (MDPs). The Economic Times reports: “India can soon boast of its own...

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