Limited Liability Partnerships in India

29 Pages Posted: 3 Nov 2008

See all articles by Raghav Sharma

Raghav Sharma

National Law University Jodhpur (NLUJ)

Date Written: January 1, 2007

Abstract

Limited Liability Partnerships (LLPs) are commercial vehicles which combine features of partnership and company. In law, partners bear unlimited liability even for the acts of other partners. An LLP enables the partners to limit their liability in this regard just like a shareholder in a company. However, it still retains a 'pass through structure' for tax liability which is available for partnerships. The reduction of risk by limited liability encourages business vehicles like firms of professionals (lawyers, accountants etc.) to grow in size.

India is soon introducing a legislation permitting firms to operate as LLPs. The present article seeks to provide a background to the concept of LLP and examine the features of the proposed Indian LLP Model.

Keywords: company, India, LLP, limited liability, limited liability, partnership, partnership, company,

Suggested Citation

Sharma, Raghav, Limited Liability Partnerships in India (January 1, 2007). Available at SSRN: https://ssrn.com/abstract=1291854 or http://dx.doi.org/10.2139/ssrn.1291854

Raghav Sharma (Contact Author)

National Law University Jodhpur (NLUJ) ( email )

NH-65, Nagour Road
Kamala Nehru Nagar, Jodhpur
Mandore, Jodhpur, Rajasthan 34230
India

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