Issue Details

PRACTICAL IMPLICATIONS OF LIMITED LIABILITY PARTNERSHIP LAW IN INDIA: A SYNAPTIC VIEW

ABSTRACT

In the business sector, bureaucracy comes in many different forms. The choice of an organization’s organisational structure is crucial since it may determine whether the organisation succeeds or fails. Every type of business has advantages and disadvantages, and businesses are inextricably linked to this type of business. A legal concept called ownership determines the owner’s obligations and rights. This paper’s goal is to educate readers on limited liability partnerships, a new type of business entity. This paper looks about limited liability partnerships and provides an overview of the various business entity types. The Limited Liability Partnership Act (LLP) was enacted for the first time in India in 2008. It is a business entity that combines the best aspects of partnerships and corporations and has a distinct legal personality from its members. This combines the Partnership Act and the Companies Act. The aim of a limited liability partnership makes sense. It shields the partners by providing the safety net of restricted liability in the case of the wrongdoings or omissions of the other partners. In addition, under the flow-through system, an LLP is comparable to a general partnership for taxation reasons. Compared to other forms, an LLP offers innovative and affordable benefits. We will be able to recognise what a limited liability partnership is and what its advantages and disadvantages are after having read this paper.

FULL TEXT