Download the limited liability partnership act 2008 notes. The limited liability concept is applicable for all business types except the sole proprietorship. Business perspective 2 partnership board of directors. A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership. Thats why most businesses prefer to limit their liability by forming a corporation, llc, or partnership. Much less liability just as the name suggests, limited liability partnerships limit your liability. Limited liability partnership act 2008 linkedin slideshare.
A sole proprietorship doesnt separate the owner from the business, so the business liability is the owners, with no limits. Since there are multiple owners involved in the business all of the risks of the business are spread out and made much smaller than if a single person was responsible for the business on their own. Download the limited liability partnership act 2008 notes pdf is free and available currently in this page. If a company with limited liability is sued, then the claimants are suing the company, not its owners or investors. This act is administered by the ministry of business, innovation, and employment. A list of members names is available for inspection at 1 more london place, london se1 2af, the firms principal place of business and registered office. Limited liability partnership act, 2008 bare acts law library. Full text containing the act, limited liability partnership act, 2008, with all the sections, schedules, short title, enactment date, and footnotes.
Limited liability is a legal status where a persons financial liability is limited to a fixed sum, most commonly the value of a persons investment in a company or partnership. Business perspective 2 free download as powerpoint presentation. The limited liability partnership act 2008 is free app providing detail sectionwise and chapterwise information on the limited liability partnership act. Be it enacted by parliament in the fiftyninth year of the republic of india as follows. Rules regulations notifications orders circulars statutory ordinance statutes. Type of investment in which a partner or investor cannot lose more than the amount invested. Introduction to limited liability partnership act 2008 youtube. Thus, the investor or partner is not personally responsible for the debts and obligations of the company in the event that these are not fulfilled. A shareholder in a limited company is not personally liable for any of the debts of the company, other. India has assented the bill on 7th january, 2009 and called as the limited liability partnership act, 2008, and many of its sections got enforced from 31st march 2009. This act have been enacted to make provisions for the formation and regulation of limited liability partnerships and for matters connected there with or incidental thereto. India llp act 2008 and all you need to know about llp in india.1471 1070 62 843 1141 1261 667 1420 1133 834 233 839 83 1089 59 985 253 1559 954 736 984 223 1358 278 925 386 785 244 260 189 245 21