5 Questions
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?
The Limited Liability Partnership Act, 2008 is applicable to the whole of India.
What is the purpose of enacting the Limited Liability Partnership Act, 2008?
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.
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.
Test your understanding of the Limited Liability Partnership Act, 2008, covering topics such as the meaning of 'Limited Liability Partnership', incorporation, partner relations, financial disclosures, and winding up.
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