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LIMITED LIABILITY PARTNERHIPS-LLP

CA Sudhir Halakhandi (PRACTICING CHARTERED ACCOUNTANT) (13401 Points)

04 January 2009

HOW THE NEW CONCEPT OF LLP WILL HELP THE PROFESSIONALS TO POOL THEIR RESOURCES? HOW THE LIMITED LIABILITY PARTNERSHIP ARE DIFFERENT FROM TRADIONAL PARTNERSHIPS?

TO WHOM LLP HAVE TO GET REGISTERED?

-CA SUDHIR HALAKHANDI

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4 Replies

umaa's legal clinic (simple solutions for complex legal issues) (165 Points)
Replied 04 January 2009

Hi Mr.Sudhir,

LLP is a new concept in India. It shall be registered under the LLP Act, 2008. Application for registration shall be fired befroe the Registrar Companies as of today under the act.

LLPs are meant for professionals like accountants, Chartered Accountants, Comopany Secretaries and Advocates. Every needs services of these professionals. For this purpose they approach different persons. They have to choose individual professionals to meet their day to day requirements in buiseness. These professionals may form LLPs either jointly or seperately(for each profession). The companies can get better quality services from these LLPs.

Partners of LLP are liable only to the extent of their contribution to the LLP. It is a legal entity having perpetual succession. The partners of LLp are not responsible for the acts done by the other partners. Absense of vicarious liability is its essence.

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CA Sudhir Halakhandi (PRACTICING CHARTERED ACCOUNTANT) (13401 Points)
Replied 04 January 2009

IS MEANT FOR PROFESSIONALS ONLY ? I HAVE READ ABOUT LLP OF SOME OF COUNTRIES AND IN SOME PARTICUALR COUNTRIES IT IS ONLY FOR PROFESSIONALS. IS THERE ANY BAN HAS BEEN PRESCRIBED IN INDIA FOR LLP FOR OTHER THAN PROFESSIONALS.