Introduction
India introduced the concept of Limited Liability Partnerships (LLPs) in 2009 by enactment of (Indian) Limited Liability Partnership Act, 2008 (LLP Act). An LLP is a hybrid entity combining the features of both a limited liability company and a partnership firm. As the name suggests, an LLP provides for limited liability of the partners constituting it. The earlier legislation providing for constitution of partnership firms, which continues to exist, provides for unlimited liability of partners constituting the partnership firm. Unlike the partnership firms constituted under such earlier legislation, an LLP has a separate legal personality, can sue and be sued in its name and has perpetual succession.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
