Law Relating To Limited Liability Partnership in India

This book examines in detail the formation and operation of a Limited Liability Partnership (LLP) as a form of business organization in India. In India the concept of limiting the liability of partnerships was introduced through the LLP Act, 2008. Under the Act a partnership has become an entity which is a combination of a company under the Companies Act, and a partnership under the Partnership Act. The reasons for forming LLPs were articulated, and the new type of partnership visualized, by the Naresh Chandra Committee and presented in its Report, the text of which is given as an Annexure in the book. This commentary on the LLP Act provides an integrated analysis on the current state of the law by including a comparative analysis of the relevant provisions of the Companies Act, 1956. Under each section apart from a general discussion of the provisions, the author also points out the significant issues relating to the law of partnership and contemporary LLPs under the law of the United Kingdom and Singapore. Of utmost importance, the tax implications of the introduction of the LLP Act are also deliberated upon at relevant places, in particular with reference to the conversion of firms, private companies, and unlisted public companies into LLPs

Comparative Tabular Statements—
Table 1—Sectionwise Comparative Statement W.R.T. (Indian) Llp Act, 2008
Table 2—Sectionwise Comparative Statement W.R.T. Lp Act, 1932
Table 3—Major Points of Similarity/Difference with other comparable Entities
Division I
The Limited Liability Partnership Act, 2008 (No. 6 Of 2009)
Page [Sections 1 To 81] And [Schedule 1 To 4]
Division II
Commentary on Llp Act, 2008 (6 of 2009) (With Text of Each Section And Notes on clauses of the bill)
Division III
Taxation of LLPS
I. Tax Treatment of Llps
II. Comparative Analysis
Division IV
Synopsis of Bombay Hc decision of December 2009 having a bearing on Foreign Lawyers or Law Firms Practising in India [With full text of judgement] Synopsis of Bombay Hc Decision of December 2009 having a bearing on Foreign Lawyers or Law Firms Practising in India
Division V
Specimens
Specimen 1— Limited Liability Partnership Agreement
Specimen 2— Enclosure To The Llp Agreement
Division VI
Annexures

S. A. Naik
Former Legal Advisor, Industrial Development Bank of India, presently Advisor to India Law Services, Mumbai, Author of “Commentary on Sick Industrial Companies (Special Provisions) Act, 1985” and "Law of Securitisation & Enforcement of Security Interest"