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Limited Liability Partnership 01111

Limited Liability Partnership 01111

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Published by Akhil khanna

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Published by: Akhil khanna on Mar 09, 2010
Copyright:Attribution Non-commercial

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08/05/2013

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Limited Liability PartnershipACT 2008
ByAKHIL KHANNAB.COM(H)UNIVERSITY OF DELHI
 
International Experience
FRANCE :-
LLP brought under Regulation first in 1673
UNITED STATES
, - first introduced in New York in1822
Non Compliance of laws resulted in liability of partners becomingunlimited.
o
Uniform Limited Partnership law was enacted for protection
o
Hewlett-
Packard are LLPs in operation
UNITED KINGDOM:
- LLP act passed in 1867.
o
Came into force in 1907
o
Not being popular in UK, was replaced by LLP Act, 2000
o
Act designated the constituents of LLP as members and designatedmembers as agents of LLP
 
LLP background in India
The Abid Hussain Committee recommendedlegislation on LLP in 1997.Naresh Chandra Committee Report II(2003) revivedthe idea of LLP by less regulatory impact of Companies Act.The J.J. Irani Committee(2005) recommendedadoption of LLP as a new form of business.LLP Bill, 2006 was introduced in Rajya Sabha on 15
th
 December,06.Later referred to Department Related ParliamentaryStanding Committee on Finance.

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