9911796707
TMI BlogLimited Liability Partnership Rules.X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited Liability Partnership Rules. X X X X Extracts X X X X X X X X Extracts X X X X ..... ship (LLP) is an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. The salient features of LLP Act, 2008, inter alia, are as follows: 1. It is a body corporate with separate legal entity from its partners. The mutual rights and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duties of the partners of an LLP are governed by LLP Agreement. 2. LLP is liable to the extent of its assets. Partner's liability is limited to the extent of agreed contribution (capital) in the LLP Agreement. 3. No partner is liable on account of the independent or unauthorized action of other partners or for their misconduct. 4. Every LLP should have at least two partners with at least two i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndividuals as "designated partners", of whom at least one must be resident in India. Only designated partners are responsible for compliance with the Act. 5. A firm, private company or an unlisted public company can be converted into LLP. 6. The Act empowers Central Government to apply provisions of the Companies Act, 1956 as appropriate, by notification with such changes as deemed necessary, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the LLP Act, 2008. 7. The winding up of LLP is either voluntary or by the High Court. (d) The number of firms converted to the LLP during the last three years, state-wise is as per annexure attached. This information was given by the Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today in the Lok Sabha in reply to a written question whether the Limited Liability Part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nership Rules (LLPR) is functional in the country, the details of its goals and salient features; and the number of firms converted to the LLPR during the last three years, state-wise? ***** ST/- Annexure The number of firms converted to LLP during the last three years, state-wise is as under: Sl. No. Name of States 1st year (2009-10) 2nd year (2010-11) Current year 01-04-2011 to 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8-08-2011 Total 1 Andhra Pradesh -- 02 -- 02 2 Assam -- -- -- -- 3 Bihar -- -- -- -- 4 Chandigarh -- -- -- -- 5 Chattisgarh -- -- -- -- 6 Delhi 06 07 02 15 7 Goa -- 02 -- 02 8 Gujarat 01 03 -- 04 9 Haryana -- 01 -- 01 10 Himachal Pradesh -- -- -- -- 11 Jammu & Kashmir -- -- -- -- 12 Jharkhand -- -- 01 01 13 Karnataka 02 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04 01 07 14 Kerala -- -- -- -- 15 Madhya Pradesh -- -- -- -- 16 Maharashtra 01 11 04 16 17 Manipur -- -- -- -- 18 Meghalaya -- -- -- -- 19 Orissa -- -- -- -- 20 Punjab -- -- -- -- 21 Pondicherry -- -- -- -- 22 Rajasthan -- -- -- -- 23 Tamil Nadu -- 02 03 05 24 Tripura -- -- -- -- 25 Uttar Pradesh -- 01 -- 01 26 Uttaranchal ..... X X X X Extracts X X X X X X X X Extracts X X X X .....
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27
West Bengal
--
01
02
03
Grand Total
10
34
13
57 X X X X Extracts X X X X X X X X Extracts X X X X
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