A limited liability partnershipwhich is a form of business organisation in which the liability of the partners is limited to the extent of their interest in the partnership, owing to its company-type separate legal personality and yet having the organizational suppleness and tax treatment of a partnershipconstitutes the most recent epitomization of such regulatory tendency. To achieve the principal benefits of both partnership and company as forms of business organization, LLP Law is formulated.
In this article, the authors have visited the recently concluded LLP Act and current status of LLP law in India. They, here, address some of the concerns that the Act seems to have failed to address and present an overview of some of the decisions rendered by the English Courts on the nature of LLP, as the Indian LLP Act, 2008 draws heavily upon the English LLP Act, 2000. In their opinion, as the LLP Act does not go a long way in addressing several key … Read the rest