Limited Liability Partnership Act, 2008

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the Limited Liability Partnership Act, 2008?

The Limited Liability Partnership Act, 2008 is an act notified by the Ministry of Law and Justice on 9th January 2007, passed by the Parliament on 12th December, 2008, and assented by the President of India on 7th January, 2009. It is applicable to the whole of India and provides for the formation and regulation of Limited Liability Partnerships and related matters.

What are the learning outcomes of studying Chapter 4 on the Limited Liability Partnership Act, 2008?

The learning outcomes of studying Chapter 4 include understanding the meaning of 'Limited Liability Partnership', its need, scope, and advantages, incorporation of LLP, partners and their relations, financial disclosures, conversions, winding up, dissolution, and differentiation between 'Limited Liability Partnership' and other forms of organization.

How many sections and schedules are there in the Limited Liability Partnership Act, 2008?

The LLP Act, 2008 has 81 sections and 4 schedules.

When was the Limited Liability Partnership Act, 2008 made applicable?

<p>The Limited Liability Partnership Act, 2008 is applicable to the whole of India.</p> Signup and view all the answers

What is the purpose of enacting the Limited Liability Partnership Act, 2008?

<p>The LLP Act, 2008 has been enacted to make provisions for the formation and regulation of Limited Liability Partnerships and for matters connected therewith or incidental thereto.</p> Signup and view all the answers

Flashcards

What is the Limited Liability Partnership Act, 2008?

The Limited Liability Partnership Act, 2008 (LLP Act) was passed to regulate Limited Liability Partnerships (LLPs) in India. It provides legal framework for their formation, operation, and dissolution, making it easier for businesses to operate as an LLP.

What is a Limited Liability Partnership (LLP)?

An LLP offers a hybrid structure combining the flexibility of a partnership with the limited liability of a company. It's popular for professional firms and businesses with diverse expertise.

What are the learning outcomes when studying the LLP Act?

Understanding LLPs covers various aspects: The LLP Act's provisions, how LLPs are formed, roles and responsibilities of partners, financial reporting and disclosures, LLP conversions, winding up, dissolution, and how LLPs differ from sole proprietorships, partnerships, and private limited companies.

How many sections and schedules are there in the LLP Act, 2008?

The Act is divided into 81 sections and 4 schedules. Each section specifies a different aspect of LLPs, while schedules provide detailed information on specific topics, such as forms and fees.

Signup and view all the flashcards

When was the LLP, 2008 Act made applicable?

This Act came into effect for the whole of India, meaning it applies to every state and union territory. Any business forming an LLP is governed by this Act.

Signup and view all the flashcards

Study Notes

Overview of the Limited Liability Partnership Act, 2008

The Limited Liability Partnership Act, 2008 is a legislation that governs Limited Liability Partnerships (LLPs) in India.

Learning Outcomes of Chapter 4

Understanding the concept of Limited Liability Partnership and its benefits
Knowledge of the formation and incorporation of LLPs
Familiarity with the rights and liabilities of partners and LLPs
Awareness of the provisions regarding management and dissolution of LLPs

Structure of the Limited Liability Partnership Act, 2008

The Act comprises 81 sections and 4 schedules.

Applicability of the Limited Liability Partnership Act, 2008

The Act came into effect on April 6, 2009, and is applicable to all LLPs in India.

Purpose of the Limited Liability Partnership Act, 2008

The primary objective of the Act is to provide a framework for the formation and operation of LLPs, which offers a unique combination of benefits of partnership and limited liability.