Law Relating To Limited Liability Partnership in India

This book examines in detail the formation and operation of a LimitedLiability Partnership (LLP) as a form of business organization in India. InIndia the concept of limiting the liability of partnerships was introducedthrough the LLP Act, 2008. Under the Act a partnership has become anentity which is a combination of a company under the Companies Act,and a partnership under the Partnership Act. The reasons for formingLLPs were articulated, and the new type of partnership visualized, by theNaresh Chandra Committee and presented in its Report, the text of whichis given as an Annexure in the book.This commentary on the LLP Act provides an integrated analysis on thecurrent state of the law by including a comparative analysis of the relevantprovisions of the Companies Act, 1956. Under each section apart froma general discussion of the provisions, the author also points out thesignificant issues relating to the law of partnership and contemporary LLPsunder the law of the United Kingdom and Singapore.Of utmost importance, the tax implications of the introduction of theLLP Act are also deliberated upon at relevant places, in particular withreference to the conversion of firms, private companies, and unlistedpublic companies into LLPs

Comparative Tabular Statements-Table 1-Sectionwise Comparative Statement W.R.T. (Indian) Llp Act,2008Table 2-Sectionwise Comparative Statement W.R.T. Lp Act, 1932Table 3-Major Points of Similarity/Difference with other comparableEntitiesDivision IThe Limited Liability Partnership Act, 2008 (No. 6 Of 2009)Page [Sections 1 To 81] And [Schedule 1 To 4]Division IICommentary on Llp Act, 2008 (6 of 2009) (With Text of Each Section AndNotes on clauses of the bill)Division IIITaxation of LLPS I. Tax Treatment of Llps II. Comparative AnalysisDivision IVSynopsis of Bombay Hc decision of December 2009 having a bearing onForeign Lawyers or Law Firms Practising in India [With full text of judgement]Synopsis of Bombay Hc Decision of December 2009 having a bearing onForeign Lawyers or Law Firms Practising in IndiaDivision VSpecimensSpecimen 1- Limited Liability Partnership AgreementSpecimen 2- Enclosure To The Llp AgreementDivision VIAnnexures