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The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of an LLP shall not affect the existence, rights or liabilities of the LLP.
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Indian Partnership Act, 1932 shall not be applicable to LLPs and there shall not be any upper limit on number of partners in an LLP unlike an ordinary partnership firm where the maximum number of partners can not exceed 20. The Limited liability partnership (LLP) Act has a mandatory requirement that one of the partners in the LLP must be an Indian.
The limited liability limited partnership (LLLP) is a relatively new modification of the limited partnership. The LLLP form of business entity is recognized under United States commercial law . An LLLP is a limited partnership , and it consists of one or more general partners who are liable for the obligations of the entity, as well as or more ...
In the United Kingdom, limited partnerships are governed by the Limited Partnerships Act 1907 and, on matters on which that Act is silent, also by the Partnership Act 1890. The UK Department for Business, Enterprise and Regulatory Reform (now the Department for Business and Trade ) consulted in 2008 on proposals to modify and merge the two Acts ...
This is a category of articles concerning acts of Parliament (laws enacted by the Parliament of India in 2008). For more general discussion of Indian legal topics, see Category:Law of India and its other subcategories.
On 1 October 2008, [14] section 1,286 of the Companies Act 2006 extended the Limited Liability Partnerships Act 2000 to Northern Ireland, and repealed the Limited Liability Partnerships Act (Northern Ireland) 2002, [15] an act of the Northern Ireland Assembly which prior to that date was the principal statute concerning LLPs in Northern Ireland.
Law, accountancy and actuarial firms are commonly organised as partnerships. Since the Limited Liability Partnerships Act 2000, partners can limit the amount they are liable for to their monetary investment in the business, if the partnership owes more money than the enterprise has. Outside these professions, however, the most common method for ...