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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.
Section 14 of the act makes provision for regulations to be made applying certain provisions of the Insolvency Act 1986 to LLPs. Similarly, Section 15 makes provision for the making of regulations to apply company law or disapply company law and to apply partnership law as seem appropriate. Complementing the Limited Liability Partnerships Act ...
An obligation of a partnership incurred while the partnership is a limited liability partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the partnership. A partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or so ...
A partnership is a form of business that has more than one owner. A limited liability partnership (LLP) incorporates some elements of a corporation and some elements of a partnership. An LLP ...
(ULPA is also an acronym for ultra-low penetration air (ULPA) filters.) The Uniform Limited Partnership Act (ULPA), which includes its 1976 revision called the Revised Uniform Limited Partnership Act (RULPA), is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of business partnerships by U.S ...
A legal instrument known as a deed of settlement was used in 18th century England to regulate the activities of companies structured as joint stock companies, permitting a private company to form a corporation without applying for a royal charter or an act of Parliament. The deed of settlement named the individuals of the company as trustees of ...
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section 1,286 of the Companies Act 2006 extended the Limited Liability Partnerships Act 2000 to Northern Ireland, and repealed the Limited Liability Partnerships Act (Northern Ireland) 2002, [15] an act of the Northern Ireland Assembly which prior to that date was the principal statute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.
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 ...
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related to: section 24 limited liability partnership act