Prajnan, Vol. XLVII, No.

4, 2018-19 © 2018-19, NIBM, Pune

A Study on Growth of Limited Liability

Partnerships (LLPs) in India – An Innovative
Vehicle for Entrepreneurial Development

P Govindan
Received: 29/08/2018

Accepted: 31/10/2018

This present study aims to assess the trend of registration of Limited

Liability Partnerships (LLPs) in India after implementation of companies
Act 2013 and Goods and Services Tax Act 2017. This study uses
descriptive and inferential statistical tools for analysis and
interpretation of data. This study results indicate that economic activity-
wise maximum numbers of registered and active LLPs were in service
sectors 76 per cent, followed by industry 22 per cent and agriculture
sectors 2 per cent. This study finally concluded and suggests that
State, Central and Union Territories (UTs) governments, must take
necessary steps for increasing new startups in LLPs in India. These
include financial assistance at concessional rates, tax holidays,
subsidies for existing as well as new domestic and foreign
entrepreneurs. It creates better environment for investors by enhancing
ease of doing business indicator in India and protecting their
investments.

Keywords: Goods and Service Tax (GST), Taxation, Company Performance

JEL Classification: G18, G30, H20

Section I
Introduction

In today's modern commercial world everyone wants to decrease his liabilities

and likes to live in a flexible but profitable environment. Based on the same
line the new concept of Limited Liability Partnership and its association with
the corporate form has evolved. The origins of the concept of limited liability
can be traced back to medieval times (Lipton, 2018). Limited partnerships
can be traced to early French law. It's starting with the development of the
concept of general partnership, moving on to the idea of limited partnership

P Govindan (pgovind.cwa@gmail.com), Assistant Professor in Commerce, Department of Commerce,

K S Rangasamy College of Arts and Science (Autonomous), Tiruchengode 637 215, Namakkal, Tamil
Nadu, India,
362 Prajnan

which finally led to the concept of limited liability partnership. The origin of
the concept of limited liability partnerships can be traced to the growth of
limited liability business forms in United States (Meena & Nainawa, 2010).
The first LLP legislation in the US was passed in Texas in 1991 and limited
liability Signaled comfort with business entity combining statutory limited
liability protection.

The introduction of general limited liability did not, however, completely

eliminate the liabilities of the shareholder (Ireland, 2010). Corporate limited
liability refers to a widespread legal principle that limits the accountability
of shareholders-owners for the debts of their companies to the current
value of their shareholding (Blankenburg, et. al. 2010). The sudden emergence
of new limited liability vehicles notably limited liability companies and limited
liability partnerships (LLPs) suggest a revolution in the law of limited liability
striking resemblance to modem forms of business association, most notably
the limited liability partnership (William, 1997). The widespread adoption of
limited liability company statutes has been a much-heralded development in
corporate law (Maizes, 2012). The concept of limited liability fueled the
popularity of joint-stock companies need to incorporate necessary changes in
corporate laws new regulatory environment for incorporation with limited
liability. It is an alternative form of organization and facilitates their evaluation
of the investing opportunity realized at different times and indifferent countries
as the preferred business form for small firms.

The invention of the limited liability company in the mid-nineteenth century

led to the formation of vast amounts of capital, the generation of countless
jobs, and the creation of incredible worldwide wealth over the years (Tricker,
2011). Limited liability therefore may be an efficient and the new law also
transits significant role in a country's economy and make a special contribution
to national development. LLP is one of widespread forms of corporation and
was introduced into circulation in the 19 century and significant changes in
the provisions related to governance, e -management, compliance and
enforcement of disclosure norms. Governments worldwide recognize the
economic, political benefits of improved business regulation, reforms to ease
doing business, importance of effective corporate governance and reforms
necessary for development and growth of economy.

The limited liability form most common among domestic firms is chosen
promote domestic investment depending on how business friendly entry
regulations are in the host economy. Service sectors in providing employment
opportunities for the growing workforce and comparatively new form of
business organization in India. For startups, partnership is one of the most
common forms of organization to commence business. Until 2008, any
partnership formed in India implied unlimited liability for the partners. Limited
Liability Partnerships (LLPs), making it possible for every member of an
ordinary partnership to limit their liability.
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 363

Limited Liability Partnership in India and Advantages – An Overview

Limited Liability Partnership (LLP) is a legal form which is governed by the
Limited Liability Partnership Act, 2008. LLP is a new business vehicle in body
corporate form, and therefore, a separate legal entity which limits the liability
of the partners to their agreed contribution. Any two or more individuals or
bodies corporate may incorporate an LLP for carrying on a lawful business
with a view to profit. LLP structure is not restricted to any specific trade,
business, profession or service. LLP is a legal entity separate from its partners
and has perpetual succession. The LLP structure allows the enterprises the
flexibility of organizing internal structure as a partnership.

The provisions of the newly enacted Limited Liability Partnership Act, 2008
have been notified for implementation with effect from 31-03-2009. The Limited
Liability Partnership Rules, 2009 have been notified on 01st April 2009. The
provisions relating to conversion of partnership firms, private company and
unlisted public company into LLP came into effect from 31st May 2009. In
India about 95 per cent of the industrial units are small and medium enterprises
(SMEs). As per the survey conducted by the Ministry of Micro, Small and
Medium enterprises (MSME), over 90 per cent of these SMEs are registered as
Proprietorships, about 2 per cent to 3 per cent as Partnerships and less than
2 per cent as Companies. The corporate form does not appear to be widely
prevalent amongst SMEs. On an assessment of the data collected by the Ministry
of MSME, it was found that the high compliance cost under the Companies
Act, 1956 deterred the SMEs from adopting the corporate form.

In this background, a need was felt for a new corporate form that would provide
an alternative to the traditional partnership with unlimited personal liability
on the one hand, and the statute-based governance structure of the limited
liability company on the other, in order to enable professional expertise and
entrepreneurial initiative to combine, organize and operate in a flexible,
innovative and efficient manner. Internationally, Limited Liability Partnerships
(LLPs) are the preferred vehicle of business particularly for the service industry
or for activities involving professionals, especially in countries like the United
Kingdom, United States of America, Australia, Singapore, etc.

The Government has therefore permitted the Limited Liability Partnership form
of business organization in India with a view to creating a facilitating
environment for entrepreneurs, service providers and professionals to meet
the challenges of global competition. Parliament enacted the Limited Liability
Partnership Act, 2008, which was notified on 09.01.2009, and came to effect
on 31.03.2009. The enabling rules were notified on 01.04.2009 and the first
LLP was registered on 02.04.2009. LLP is an alternative corporate business
vehicle that enables professional expertise and entrepreneurial initiative to
combine and operate in a flexible, innovative and efficient manner, providing
benefits of limited liability while allowing its members the flexibility for
organizing their internal structure as a partnership based on an agreement. It
364 Prajnan

is a form of business entity, which allows individual partners to be protected

from the joint and several liabilities of partners in a partnership firm.

The Liability of partners incurred in the normal course of business does not
extend to the personal assets of the partners. It is capable of entering into
contracts and holding property in its own name. An LLP would be able to
fulfill the compliance norms with much greater ease, coupled with limitation
of liability. The corporate structure of LLP and the statutory disclosure
requirements would enable higher access to credit in the market. Only LLPs
with turnover exceeding 40 lakh and contribution exceeding Rs. 25 lakh have
to get their accounts audited, providing for much greater flexibility. The
introduction of LLP form of business is expected to promote entrepreneurship,
particularly in relation to the knowledge based industries, such as the
information technology and biotechnology sectors, and other service providers
and professionals.

In order to enhance and extend the operational convenience to stakeholders,

and grouping of all registry related functions on a single platform, Limited
Liability Partnership (LLP) e-governance was integrated with MCA21 from
11.06.2012. With this integration, the filing and approval of 'LLP forms' is
being done through the MCA 21 website, and stakeholders are presently availing
all existing facilities of MCA 21 for LLP forms filing, including online payment,
or use of internet banking from designated banks, in addition to credit card
payment. In addition, the regulation of LLPs has been decentralized amongst
the 20 Registrars of Companies across the country, enabling direct promotion
of the new form of corporate entity in their region (Various Annual Reports,
Ministry of Corporate Affairs, Government of India). Natural persons and body
corporate, Indian or foreign, can be partners in an LLP. At least two of them
have to be "Designated Partners", of which at least one should be a resident in
India. A body corporate can also be a designated partner, and in such a case,
an individual authorized by the body corporate will function as the designated
partner. The LLP can continue its existence irrespective of changes in partners.

GST – The Game Changer in Indian Corporate Sectors

GST was firstly introduced in France in 1954, with introduction of GST France
became the first country ever to introduce GST (Kour et. al. 2016). The
Goods and Services Tax (GST) is one of the biggest economic and taxation
reforms undertaken in India. In India goods and service tax was a historical
movement for implementation a significant indirect tax reforms. It means that
mixed up various numbers of indirect taxes which levied by both central and
state government to made up a single tax. After the enactment of various GST
laws, GST was launched with effect from 1st July 2017 by Shri Narendra Modi,
Hon'ble Prime Minister of India in the presence of Shri Pranab Mukherjee, the
then President of India in a mid-night function at the Central Hall of Parliament
of India. The objective being, to bring about uniformity in taxation by merging
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 365

all these taxes, which in turn will assist in reducing the hassles of compliances
associated and help in improving tax governance in India (Deo, 2017).

The advantage of GST is that it will replace Indirect Taxes which are levied by
Central and State Government. The GST structure will present a transparent
system which will be helpful to reduce the burden of cascading effect
and it will also improve the tax compliances and tax collection. GST will
prove the uniformity of taxes in all over the country. The GST based taxation
system brings more transparency in taxation system reduces tax theft and
corruption in country. GST is one indirect tax for the whole nation, which will
make India one unified common market. It is a single tax on the supply of
goods and services, right from the manufacturer to the consumer.

This tax reform will lead to creation of a single national market, common tax
base and common tax laws for the Centre and States. This tax reform will be
supported by extensive use of Information Technology, which will lead to greater
transparency in tax burden, accountability of the tax administrations of the
Centre and the States and also improve compliance levels at reduced cost of
compliance for taxpayers. Studies indicate that introduction of GST would
instantly spur economic growth and can potentially lead to additional GDP
growth in the range of 1 per cent to 2 per cent.

Advantages to Trade and Industry

‰ Simpler tax regime with fewer exemptions;
‰ Increased ease of doing business;
‰ Reduction in multiplicity of taxes that are at present governing our indirect
tax system leading to simplification and uniformity;
‰ Elimination of double taxation on certain sectors like works contract, software,
hospitality sector;
‰ Will mitigate cascading of taxes as Input Tax Credit will be available across
goods and services at every stage of supply;
‰ Reduction in compliance costs – No multiple record keeping for a variety of
taxes – so lesser investment of resources and manpower in maintaining
records;
‰ More efficient neutralization of taxes especially for exports thereby making
our products more competitive in the international market and give boost to
Indian Exports;
‰ Simplified and automated procedures for various processes such as
registration, returns, refunds, tax payments, etc;
‰ Average tax burden on supply of goods or services is expected to come down
which would lead to more consumption, which in turn means more production
thereby helping in the growth of the industries manufacturing in India.
366 Prajnan

Table 1
Comparison of LLP with Partnership Firm,
Public Company and Private Company

S.No. Points of Limited Liability Partnership Public Private

Comparison Partnership Company Company
1 Act Applicable LLP Act,2008 Partnership Companies Companies
Act,1932 Act, 2013 Act, 2013
2 Registration Registration with Registration Registration Registration
ROC required Optional with ROC with ROC
required required
3 Numbers of Minimum-(2) Minimum-(2) Minimum-(2) Minimum-(2)
partners/ Maximum- Maximum-(20) Maximum- Maximum-
Members Unlimited Unlimited (200)
4 Agreement LLP Agreements Partnership Memorandum Memorandum
Documents Deed and articles of and articles
association of association
5 Liability Limited Unlimited Limited Limited
6 Legal entity Yes, Can sue or No separate Yes, Can sue or Yes, Can sue
be sued in the legal entity be sued in the or be sued in
name of LLP name of Public the name of
company Private
company
7 Minimum No No Rs.5,00,000 Rs.1,00,000
Capital Requirement Requirement
8 Terms used LLP &Co. limited Private limited
at end name
9 Succession Perpetual Ceases to exist Perpetual Perpetual
Succession on change or Succession Succession
death of partner
10 Board of No No Minimum-(3) Minimum-(2)
Directors Requirement Requirement Maximum-(15)
11 Number of As per LLP As per (4) Meetings are (4) Meetings
Board Meetings Agreements Partnership Mandatory in are Mandatory
Deed every year in every year
12 Shareholders Not Not As per As per
Meeting Applicable Applicable companies Act companies Act
13 Maintenance of Not Not Applicable, As Applicable, As
Statutory Applicable Applicable per companies per companies
Registers Act 2013 Act 2013
14 Conversion Can be converted Can be Can be Can be
into a company converted into converted into converted into
a company or a Company or company or
a LLP a LLP a LLP
15 Directorship/ Foreign National Foreign National Foreign National Foreign
Partnership can be partner cannot be partner can be Director National can be
in LLP in firm (expect in the company Director in the
some cases) company
16 Dissolution By agreement or By agreement, By court order By court order
by order of mutual consent, once the affairs once the affairs
National Company insolvency of the company of the company
Law Tribunal have wound up have wound up
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 367

Objective
The global business regulatory environment has changed dramatically. Policy
reforms catalyze private investment. Promoting a well-functioning private sector
is a major undertaking for any government. It requires long-term policies of
removing administrative barriers and strengthening laws that promote
entrepreneurship (Georgieva, 2018). The composition and quality of taxation
can have a significant impact on productivity and economic growth. India made
resolving insolvency easier by adopting a new insolvency and bankruptcy code
that introduced organization procedure for corporate debtors and facilitated
continuation of the debtor's business during insolvency proceedings. India
reduced the number of procedures and time required to obtain a building
permit by implementing an online system and made paying taxes easier by
requiring that payments be made electronically and in a historic tax reform,
the goods and services tax was rolled out on 1st July, 2017, subsuming almost
all major indirect taxes enable the new entrants to establish business operations
in India. In this above surroundings this research study examines the Growth
of Limited Liability Partnerships in India, Obligation of Contribution and also
look into sectors-wise Active Limited Liability Partnerships (LLPs) in India as
on 30th June, 2017.

Significance of the study

The opening of the Indian economy, the entrepreneurship, knowledge and risk
capital had combined to provide a further impetus to India's economic growth.
LLP is one of widespread forms of corporation, flexible legal structures, offer
limited liability and rapidly emerging as an alternative to companies and
partnership firms which have traditionally been used as forms of business
entities. The LLP is a kind of a hybrid entity which combines the advantages of
a partnership firm and a limited company. It provides the benefits of limited
liability, greater tax efficiency and allows its members the flexibility of organizing
their internal structure as a partnership based on a mutually arrived at
agreement. India continues to be one of the fastest growing large economies in
the world witnessing an upward moving trend in LLP registrations and the
new small and medium start ups prefer LLP as it is tax efficient and burden of
compliance is lesser as compared to company and low compliance regime of a
partnership. In order to attract new investments, develop infrastructure and
promote export industries, India offers various incentives such as tax holidays,
investment allowances, tax credits, rebates. In this environment this research
paper mainly will focus on Growth of Limited Liability Partnerships in India,
Obligation of Contribution and also explore sector-wise such as agriculture
and allied activities, industry, manufacturing, construction, business services,
electricity, gas and water, mining & quarrying, transport, storage and
communication, community, personal & social services, real estate and renting
active limited Liability Partnerships (LLPs) as on 30th June, 2018.
368 Prajnan

Section II
Literature Review

Fletcher , Hughes and Williams (2013) examined the distribution and sectoral
breakdown of LLPs in the UK, explained the growth in number of LLPs
registered, identified the factors underlying decisions to adopt or not adopt
the LLP form assessed whether the LLP form has encouraged greater economic
activity/likelihood of starting a business, Categorized different forms and types
of LLPs within the SME sector and evaluated the tax benefits and tax incentives
associated with setting up an LLPs.

Sharma and Garg (2014) Attempted issues relating to concepts, various taxation
and implementation of Limited Liability Partnerships. The paper concluded
that inner future, more Limited Liability Partnerships will come into existence
given its advantages over the partnership and company form of organization
in India.

Singh (2007) suggested that suitable changes in the provisions of income tax
related with the taxations issues; because taxation is one the major motivational
factor other then limited liability for the partners of LLPs.

Bharat (2013) concluded that LLP vehicle will be advantageous and will promise
a glowing and blushing future for the Indian business environment. Varottil
(2014) explained political, legislative process, critical aspects of the Indian
LLP Act, and examined some of the challenges and uncertainties that may
derail the success of the LLP form. This study concluded that evolution and
rationale for the LLP Act is extremely relevant and timely, especially given the
limited literature about this business form in India. Gandhi and Thakur
concluded that SMEs which are looking for such a business structure which
has a limited liability along with less cumbersome setting up and taxation
procedures, LLP is the best option to go for and also suggested that these need
to be addressed by the law makers for smooth running of such structure.
Khan, and Azam, Nagma (2012), explained that GST would be beneficial
for the consumers as it reduces the final burden of taxation.

This research paper examined many international and national and research
articles, studies, journals, working papers, books, policy documents, local
and international news papers and seminars edited publications relating to
LLPs. This study investigates and brings out the growth of LLPs. It also examines
obligation of contribution and of economic activity-wise of LLPs in India as on
30th June, 2018.In these environments the current research differs from the
early researches in various ways and presents the existing literature.
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 369

Section III
Research Methodology

Data Collection and Statistical Tools

The research study is explorative in nature and will be based on in-depth
analysis of data and statistics, collected from the secondary sources. It includes
information collected from Ministry of Corporate Affairs, Ministry of Trade
and Commerce, WTO Reports, World Bank Reports, Reserve Bank of India,
Ministry of Finance, NITI Aayog, various professional institutes Reports,
Journal/Article published, reference books related to corporate law, bar acts,
publications by the states and central government in India websites and
international organizations relating to commerce and trade. In this study used
descriptive statistical tools such as percentage analysis, tables, and charts are
used for analysis and interpretation of data. This present's research study
period covers LLPs in India as on 30th June, 2018.

Objectives of the study

The following are the objectives of the present study:

‰ To analyse the total numbers of registered Limited Liability Partnerships (LLPs)

in India as on 30th June, 2018.

‰ To assess the economic activity-wise number and authorized capital wise active
Limited Liability Partnerships (LLPs) in India as on 30th June, 2018.

‰ To examine obligation of contribution wise active Limited Liability

Partnerships(LLPs) as on 30th June, 2018

‰ To investigate on impact LLPs registrations before and after implementation

of Companies Act 2013 and Goods and Services Tax Act 2017 as on 30th
June, 2018.

Analysis and Description of Data

Table 1a and Chart 1 indicates that the financial year wise LLPs registration
and total obligation (Rs. in crore) from 01.04.2009 to 30.06.2018. Since then
total of 1, 26,733 LLPs had been registered with Total Obligation of Contribution
(Rs. in crore) 38,447.21 in the country, as on 30.06.2018.They comprise fresh
entities registered as LLPs, and companies and partnership firms that have
been converted into LLPs.
370 Prajnan

Table 1a
Total Number of LLPs Registered and Total Obligation of
Contribution as on 30.06.2018
Financial Year Total Number of Per cent growth Total Obligation Per cent growth
(April to March) LLP Registered over previous year of Contribution over previous
(Rs. in. Crore) year

2009-10 1,055 – 596.55 –

2010-11 3,261 209 2758.37 462.39
2011-12 4,319 32 3049.73 110.56
2012-13 5,167 20 1854.50 -60.81
2013-14 7,982 54 2029.56 109.44
2014-15 14,682 84 2650.05 130.57
2015-16 22,505 49 8872.33 334.80
2016-17 29,407 34 8,420.63 94.91
2017-18 32,934 22 5,545.15 65.85
2018-19 *(Upto 5,421 – 2,670.34 –
30.06.2018)

TOTAL 1,26,733 38,447.21

Source: Ministry of Corporate Affairs, Monthly Information Bulletin on Corporate Sector

During the financial year from 2009-10 totally 1,055 LLPs registered, followed
by next financial year 2010-11 totally 3,261 LLPs have been registered,
compared to the previous year's figure of more than two times were increased
for the corresponding period. During the all financial years, year 2011-12 (32per
cent), 2012-13 (20 per cent), 2013-14 (54 per cent), 2014-15 (84 per cent),
2015-16 (49 per cent), 2016-17 (34 per cent) and 2017-18 (22 per cent) are
showed percentage of growth over previous year are in positive growing trend.
Chart 1 depicts the number of LLPs registered during the 2009-10 to
30.06.2018. Total obligation (Rs. in crore) from 01.04.2009 to 30.06.2018
shows as increasing trend except in the 2012-13 indicates at negative growth.

Chart 1
Total number of LLPs Registered as on 31.03.2018
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 371

Table 2
Number of LLPs Registered Month-Wise
2013-14 to 2017-18
2013-14 2014-15 2015-16 2016-17 2017-18
April 666 562 1,666 1,612 2,576
May 662 531 2,026 2,733 2,723
June 565 825 2,276 2,778 2,720
July 679 1,131 1,949 2,335 3,332
August 531 1,171 1,836 2,328 2,870
September 524 1,235 1,753 2,367 2,675
October 586 963 1,233 2,009 2,692
November 493 1,244 1,704 1,971 2,724
December 722 1,399 1,545 2,308 2,870
January 792 1,526 1,570 2,736 3,269
February 865 1,761 2,154 2,712 2,464
March 897 2,334 2,793 3,518 2,019

Total 7,982 14,682 22,505 29,407 32,934

Source: Ministry of Corporate Affairs, Monthly Information Bulletin on Corporate Sector

Table 2 and Chart 2 give a pictorial representation of the total number of LLPs
registered during the month-wise 2013-14 to 2017-18. It clearly explains the
up and downs of registrations in month-wise LLPs during the study period.
During the year 2013-14 totally 7,982 LLP firms registered, followed by 2014-
15 totally 14, 682 LLP firms registered, during the year 2015-16 totally 22,505
LLP firms registered, 2016-17 totally 29,407 LLP firms registered and during
the year 2017-18 totally 32,934LLP firms registered.

Chart 2
Number of LLPs Registered last financial Year Month-Wise
2013-14 to 2017-18
372 Prajnan

Table 3
Sector-Wise Active Number of LLPs
(As on 30th June, 2018)
Sl. Sectors Number Per cent Obligation of Per cent
No. Contribution (in Rs Lakh)

I Agriculture 2,147 2 87,727.27 1

II Industry 24,887 22 1,646,657.60 28
III Services 87,659 76 4,137,591.79 71
IV Others 1 0 10 0
Total 114,694 100 5,871,986.66 100

Source: Monthly Information Bulletin on Corporate Sector, June 2018

Table 3 and Chart 3 show that sector wise classification of active LLPs as on
30th June 2018. It indicates service sector account for 87,659 LLPs, followed
by Industry and Agriculture sectors accounting for 24,887 and 2,147
respectively. Chart 3 also show that 76 per cent active number of LLPs in the
service sectors followed by industry sector 22 per cent and agriculture and
allied sectors 2 per cent. Sector wise obligation of contribution (in Rs lakh) of
active LLPs as on 30thJune 2018 reveals that service sector have an account
for obligation of contribution (in Rs. lakh) 4,137,591.79, followed by industry
and agriculture sectors accounting for obligation of contribution (in Rs
lakh)1,646,657.60and obligation of contribution (in Rs lakh) 87,727.27. It
explains that obligation of contribution (in Rs. lakh) 71 per cent in the service
sectors, followed by industry sector 28 per cent and agriculture and allied
sectors 1 per cent.

Chart 3
Sector-Wise Active LLPs
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 373

Table 4
Economic Activity-wise Active LLPs
(As on 30th June, 2018)
Sl. Economic Activity Number Per cent Obligation of Per cent
No. Contribution (in Rs Lakh)

1 Business Services 47,285 41 1,391,056.01 24

2 Trading 14,320 12 972,344.60 17
3 Manufacturing 13,496 11 897,223.08 15
4 Real Estate 11,571 10 837,341.11 14
5 Construction 10,052 9 587,977.38 10
6 Community 10,067 9 523,433.62 9
7 Agriculture 2,147 2 312,400.41 5
8 Transport 2,456 2 195,507.83 3
9 Finance 1,733 2 87,727.27 1
10 Mining & Quarrying 689 1 30,493.06 1
11 Electricity & Gas 650 1 33,085.87 1
12 Insurance 227 0 3,386.43 0
13 Others 1 0 10 0

Total 1,14,694 100 5,871,986.66 100

Source: Monthly Information Bulletin on Corporate Sector, June 2018

The above Table 4 shows that economic-activity wise classification of active

LLPs as on 30th June 2018 further exhibits that large number of LLPs are in
business services sector 47,285 followed by trading sector14,320,
manufacturing sector 13,496, real estate and renting sector 11,571,
construction sector 10,052,community, personal and social services
sector10,067, transport, storage and communications sector 2,456 agriculture
and allied activities sector 2,147,finance sector 1,733, mining and quarrying
sector 689, electricity, gas and water companies sector 650, insurance sector
227 and others sectors.

Table 4 also gives the economic-activity wise classification obligation of

contribution (in Rs lakh) of active LLPs as on 30th June 2018. It also explains
that large amount of LLPs obligation of contribution (in Rs lakh) are in business
services sector 1,391,056.01 followed by trading sector 972,344.60,
manufacturing sector 897,223.08, real estate and renting sector 837,341.11,
construction sector 587,977.38, community, personal and social services sector
523,433.62, agriculture and allied activities sector 312,400.41,transport,
storage and communications sector 195,507.83, finance sector 87,727.27,
mining and quarrying sector 30,493.06, electricity, gas and water companies
sector 33,085.87, insurance sector 3,386.43 and others sectors 10.
374 Prajnan

Table 5
Obligation of Contribution wise Active LLPs
(As on 30th June, 2018)
Sl. Obligation of Contribution Number Active Obligation of Contribution
No. Range LLPs (in Rs Lakh)

Number per cent (in Rs Lakh) per cent

1 Up to 1 lakh 26,804 23.37 8,980.19 0.15

2 Above 1 lakh to 5 lakh 67,351 58.72 99,519.05 1.69
3 Above 5 lakh to 10 lakh 7,034 6.13 64,815.29 1.1
4 Above 10 lakh to 25 lakh 4,276 3.73 78,879.85 1.34
5 Above 25 lakh to 50 lakh 3,094 2.7 126,165.69 2.15
6 Above 50 lakh to 1 crore 2,486 2.17 210,766.87 3.59
7 Above 1 crore to 2 crore 1,256 1.1 194,447.01 3.31
8 Above 2 crore to 5 crore 1,226 1.07 426,601.23 7.27
9 Above 5 crore to 10 crore 512 0.45 391,735.26 6.67
10 Above 10 crore to 25 crore 390 0.34 625,277.55 10.65
11 Above 25 crore to 100 crore 213 0.19 1,071,227.11 18.24
12 Above 100 crore 52 0.05 2,573,571.56 43.83

Total 114,694 100 5,871,986.66 100

Source: Monthly Information Bulletin on Corporate Sector, June 2018

Table 5 elucidates that Obligation of Contribution wise Active LLPs as on 30th

June, 2018.These also detailed total numbers of 114,694 LLPs were active in
the country. About 58.72 per cent active LLPs (67,351 in number) have
obligation of contribution above 1 lakh to 5 lakh, followed by (26,804) up to 1
lakh. It indicates that 82.09 per cent active LLPs (94,155 in numbers) have
obligation of contribution less than or equal to Rs. 5 lakh each. In case of
obligation of contribution above 5 lakh to 50 lakhs shows that 12.56 per cent
active LLPs (14,404 in numbers); and only about 3.20 per cent (3,649 in
number) of LLPs have obligation of contribution above Rs.1 crore each.

Inferential Statistical Analysis

Correlation Analysis
Correlation is a bivariate analysis that measures the strength of association
between two variables and the direction of the relationship. In terms of the
strength of relationship, the value of the correlation coefficient varies between
+1 and -1. A value of ± 1 indicates a perfect degree of association between the
two variables. In this study used paired sample t-test for LLPs registrations
before and after implementation of Companies Act 2013 and LLPs registrations
before and after implementation of GST Act 2017.
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 375

Hypothesis testing-1-Pearson Correlations Test-1

Table 6
LLPs Registrations and
Total Obligation of Contribution
(As on 30th June 2018)
Years Total Number of Total Obligation of Contribution
LLPs Registrations (Rs. in. Crore)

2009-10 1,055 596.55

2010-11 3,261 2758.37
2011-12 4,319 3049.73
2012-13 5,167 1854.5
2013-14 7,982 2029.56
2014-15 14,682 2650.05
2015-16 22,505 8872.33
2016-17 29,407 8,420.63
2017-18 32,934 5,545.15
2018-19 *(Upto 30.06.2018) 5,421 2,670.34

Total 1,26,733 38,447.21

Source: Monthly Information Bulletin on Corporate Sector, March 2014 to June 2018

Hypothesis testing-1
H0: ρ = 0 ("the population correlation coefficient is 0; there is no association")

H1: ρ > 0 ("the population correlation coefficient is greater than 0; a positive

correlation could exist")

OR

H1: ρ < 0 ("the population correlation coefficient is less than 0; a negative

correlation could exist")

Where ρ is the population correlation coefficient

376 Prajnan

Table 6.1
Pearson Correlations Test

Total Number of Total Obligation of

LLPs Registrations Contribution

Total Number of Pearson Correlation 1 0.830**

LLPs Registrations Sig. (2-tailed) 0.003
N 10 10
Total Obligation Pearson Correlation 0.830** 1
of Contribution Sig. (2-tailed) 0.003
N 10 10

**. Correlation is significant at the 0.01 level (2-tailed).

Results of Correlations
The paired samples correlation Table shows that LLPs registrations and total
obligation of contribution (Rs. in. crore) are significantly highly positively
correlated (r = 0.830).

Hypothesis testing-2-Pearson Correlations Test-2

Table 7
LLPs Registrations Economic Activity-wise Active and
Obligation of Contribution
(As on 30th June, 2018)
Sl. Economic Activity Number of Active Obligation of Contribution
No. LLPs (Rs. in. Lakh)

1 Business Services 47,285 13,91,056.01

2 Trading 14,320 9,72,344.60
3 Manufacturing 13,496 8,97,223.08
4 Real Estate 11,571 8,37,341.11
5 Construction 10,052 5,87,977.38
6 Community 10,067 5,23,433.62
7 Agriculture 2,147 3,12,400.41
8 Transport 2,456 1,95,507.83
9 Finance 1,733 8,7,727.27
10 Mining & Quarrying 689 30,493.06
11 Electricity & Gas 650 33,085.87
12 Insurance 227 3,386.43
13 Others 1 10

Total 1,14,694 58,71,986.66

Source: Monthly Information Bulletin on Corporate Sector, June 2018.
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 377

Hypothesis testing-2
H0: ρ = 0 ("the population correlation coefficient is 0; there is no association")

H1: ρ > 0 ("the population correlation coefficient is greater than 0; a positive

correlation could exist")

OR

H1: ρ < 0 ("the population correlation coefficient is less than 0; a negative

correlation could exist")

Where ρ is the population correlation coefficient

Table 7.1
Pearson Correlations Test

Total Number of Obligation of

Active LLPs Contribution (Rs. in Lakh

Number of
Active LLPs Pearson Correlation 1 0.888**
Sig. (2-tailed) 0.000
N 13 13

Obligation of Pearson Correlation 0.888** 1

Contribution Sig. (2-tailed) 0.000
(Rs. in. Lakh) N 13 13

**. Correlation is significant at the 0.01 level (2-tailed).

Results of Correlations
The Paired Samples Correlation Table LLPs registrations economic activity-
wise active and obligation of contribution (Rs. in. lakh) are significantly highly
positively correlated (r = 0.888).

Paired Sample T-Test

The paired sample t-test, sometimes called the dependent sample t-test, is a
statistical procedure used to determine whether the mean difference between
two sets of observations is zero. In a paired sample t-test, each subject or
entity is measured twice, resulting in pairs of observations. In this study used
correlation is a bivariate analysis that measures the strength of association
between LLPs registrations and total obligation of contribution, LLPs
registrations economic activity-wise active and obligation of contribution as
on 30th June, 2018.
378 Prajnan

Hypothesis testing-3

Table 8
LLPs Registrations Before and After
Implementation of Companies ACT 2013

LLPs Registrations Before Implementation LLPs Registrations After implementation

of Companies ACT 2013 of Companies ACT 2013

Years LLPs Registrations Years LLPs Registrations

2010-11 3,261 2014-15 14,682

2011-12 4,319 2015-16 22,505
2012-13 5,167 2016-17 29,407
2013-14 7,982 2017-18 32,934

Source: Monthly Information Bulletin on Corporate Sector, March 2014 to June 2018

Hypothesis testing-3
H0: μ1 = μ2: There is no difference in the LLPs Registrations after
implementation of Companies Act 2013

H1: μ1 ≠ μ2: There is a difference in the LLPs Registrations after implementation

of Companies Act 2013

Table 8.1
Paired Samples Statistics LLPs Registrations Before and
After Implementation of Companies Act 2013

Mean N Std. Deviation Std. Error Mean

LLPs Registrations Before 5182.25 4 2022.81 1011.40310

implementation of
Companies Act 2013
Before & LLPs Registrations After 24882.00 4 8062.27 4031.13361
After implementation of
Companies Act 2013

Table 8.2
Paired Samples Correlations LLPs Registrations Before and
After Implementation of Companies Act 2013

N Correlation Sig.

Before & LLPs Registrations Before implementation

After of Companies ACT 2013
4 0.902 0.098
LLPs Registrations After implementation of
Companies ACT 2013
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 379

Results of Paired Samples Correlations

The Paired Samples Correlation Table LLPs registrations before and after
implementation of Companies Act 2013 are significantly highly positively
correlated (r = 0.902).

Table 8.3
Paired Samples Test LLPs Registrations Before and
After Implementation of Companies Act 2013

Paired Differences

Mean Std. Std. 95per cent Confidence t df Sig.

Deviation Error Interval of the Difference (2-tailed)
Mean Lower Upper

LLPs Before
implementation
of Companies
Act 2013
Before
-19699.75 6298.92 3149.46 -29722.74 -9676.76 -6.255 3 0.008
and LLPs After
After implementation
of Companies
ACT 2013

Results of Paired t test

The Table value of Paired t test with 5 per cent level of significance equals
(t3 = -6.255, p < 0.008). This is less then (p< 0.05). Therefore, null hypothesis
is rejected. There was a difference in the LLPs Registrations after
implementation of Companies Act 2013. It concluded that there is growth in
LLPs Registrations after implementation of Companies Act 2013.
380 Prajnan

Hypothesis Testing-4

Table 9
LLPs Registrations Economic Activity-Wise Before and
After Implementation of Companies Act 2013

Sl. Economic LLPs Registrations Economic LLPs Registrations Economic

No. Activity-Wise Activity-Wise Before Implementation Activity-Wise After Implementation
of Companies Act 2013 of Companies Act 2013
01.04.2009 To 31.03.2014 01.04.2104 To30.06.2018

1 Business Services 3,071 44,214

2 Trading 852 13,468
3 Manufacturing 812 12,684
4 Real Estate 1,028 10,543
5 Construction 988 9,064
6 Community 744 9,323
7 Agriculture 132 2,015
8 Transport 149 2,307
9 Finance 109 1,624
10 Mining & Quarrying 41 648
11 Electricity & Gas 55 595
12 Insurance 1 226
13 Others 0 1

Source: Monthly Information Bulletin on Corporate Sector, March 2014 to June 2018

Hypothesis Testing-4
H0: μ1 = μ2: There is no difference in the LLPs registrations economic
activity-wise after Implementation of Companies Act 2013

H1: μ1 ≠ μ2: There is a difference in the LLPs registrations economic

activity-wise after Implementation of Companies Act 2013

Table 9.1
Paired Samples Statistics
Mean N Std. Std. Error
Deviation Mean

Before & LLPs registrations economic activity 614.0000 13 844.49285 234.22017

After -wise before implementation of
Companies Act 2013
LLPs registrations economic activity 8208.6154 13 11952.21402 3314.94773
-wise after implementation of
Companies Act 2013
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 381

Table 9.2
Paired Samples Correlations

N Correlation Sig.

Before & LLPs registrations economic activity-wise 13 0.988 0.000

After before implementation of Companies Act 2013
LLPs registrations economic activity-wise
after implementation of Companies Act 2013

Results of Paired Samples Correlations: The Paired Samples Correlation

T a b l e L L Ps R e g i s t r a t i o n s e c o n o m i c a c t i v i t y - w i s e b e f o r e a n d a f t e r
implementation of Companies Act 2013 are significantly highly positively
correlated (r = 0.988).

Table 9.3
Paired Samples Test

Paired Differences

Mean Std. Std. 95 per cent Confidence t df Sig.

Deviation Error Interval of the Difference (2-tailed)
Mean Lower Upper

Before LLPs registrations -7594.62 11119.06 3083.87 -14313.80 -875.43 -2.463 12 0.030
and economic activity-
After wise before
implementation of
Companies Act 2013

LLPs registrations
economic activity-
wise after
implementation of
Companies Act 2013

Results of Paired t test

The Table value of Paired t test with 5 per cent level of significance equals
(t12 = -2.463, p < 0.030). This is less then (p < 0.05). Therefore, null hypothesis
is rejected. There was a difference in the LLPs registrations economic
activity-wise after implementation of Companies Act 2013. It concluded that
t h e r e i s g r o w t h i n L L Ps r e g i s t r a t i o n s e c o n o m i c a c t i v i t y - w i s e a f t e r
implementation of Companies Act 2013.

Hypothesis testing-5
H0: μ1 = μ2: There is no difference in the LLPs registrations after
implementation of GST Act 2017

H1: μ1 ≠ μ2: There is a difference in the LLPs registrations after implementation

of GST Act 2017
382 Prajnan

Table 10
LLPs Registrations Before and After Implementation of GST Act 2017

Months LLPs Registrations Before LLPs Registrations After

Implementation of GST Act 2017 Implementation of GST Act 2017
01-07.2016 to 30.06.2017 01-07.2017 to 30.06.2018

July 2335 3332

August 2328 2870
September 2367 2675
October 2009 2692
November 1971 2724
December 2308 2870
January 2736 3269
February 2712 2464
March 3518 2019
April 2576 1805
May 2723 2387
June 2720 1229

Source: Monthly Information Bulletin on Corporate Sector, March 2014 to June 2018

Hypothesis testing-5

Table 10.1
Paired Samples Statistics

Mean N Std. Deviation Std. Error Mean

Before LLPs Registrations before GST 2525.25 12 411.81442 118.88058

and After LLPs Registrations after GST 2528.00 12 603.74091 174.28499

Table 10.2
Paired Samples Correlations

N Correlation Sig.

Before LLPs Registrations before GST &

and After LLPs Registrations after GST 12 -0.435 0.157

Results of Paired Samples Correlations

The Paired Samples Correlation Table LLPs Registrations before and after
implementation of Companies Act 2013 are significantly negatively correlated
(r = -0.435).
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 383

Table 10.3
Paired Samples Test

Paired Differences

Mean Std. Std. 95per cent Confidence t df Sig.

Deviation Error Interval of the Difference (2-tailed)
Mean Lower Upper

Before LLPs Registrations

and before GST -2.75 866.28 250.07 -553.16 547.66 -0.011 11 0.991
After LLPs Registrations
after GST

Results of Paired t test

The Table value of Paired t test with 5 per cent level of significance equals
(t 11 = -0.011, p < 0.0.991). This is more then (p < 0.05). Therefore, null
hypothesis is accepted. There is no difference in the LLPs Registrations before
and after implementation of GST Act 2017. It concluded that there is no
difference in the LLPs Registrations before and after implementation of GST
Act 2017.

Hypothesis Testing-6

Table 11
LLPs Registrations Economic Activity Wise Before and
After Implementation of GSTAct 2017

Sl. Economic Activity-Wise LLPs Registrations Before GST LLPs Registrations After GST
No. 01.04.2009 To 31.03.2014 01.04.2104 To 30.06.2018

1 Business Services 13022 8634

2 Trading 3621 2709
3 Manufacturing 3527 2752
4 Real Estate 2262 1881
5 Construction 2154 1321
6 Community 2711 1756
7 Agriculture 490 443
8 Transport 663 376
9 Finance 399 296
10 Mining & Quarrying 160 121
11 Electricity & Gas 178 65
12 Insurance 105 65

Source: Monthly Information Bulletin on Corporate Sector, March 2014 to June 2018
384 Prajnan

Hypothesis Testing-6
H0: μ1 = μ2: There is no difference in the LLPs registrations economic
activity-wise after Implementation of GST Act 2017

H1: μ1 ≠ μ2: There is a difference in the LLPs registrations economic

activity-wise after Implementation of GST Act 2017

Table 11.1
Paired Samples Statistics
Mean N Std. Std. Error
Deviation Mean

LLPs Registrations Economic Activity-Wise 2441.0000 12 3588.30350 1035.85400

Before Before implementation of GST Act 2017
and
After LLPs Registrations Economic Activity -Wise 1701.5833 12 2403.19070 693.74140
After implementation of GST Act 2017

Table 11.2
Paired Samples Correlations
N Correlation Sig.

LLPs Registrations Economic Activity-Wise

Before Before implementation of GST Act 2017
and 12 0.997 0.000
After LLPs Registrations Economic Activity -Wise
After implementation of GST Act 2017

Results of Paired Samples Correlations

The Paired Samples Correlation Table LLPs registrations economic
activity-wise before and after implementation of GST Act 2017 are significantly
highly positively correlated (r = 0.997).

Table 11.3
Paired Samples Test
Paired Differences

Mean Std. Std. 95per cent Confidence t df Sig.

Deviation Error Interval of the Difference (2-tailed)
Mean Lower Upper

LLPs Registrations 739.42 1205.60 348.03 -26.59 1505.42 2.125 11 0.057

Economic Activity-
Wise Before
implementation of
Before GST Act 2017

and LLPs Registrations

After Economic Activity-
Wise After
implementation of
GST Act 2017
 Table 12
Paired Samples Test Hypothesis Results

Paired Differences

Mean Std. Std. Error 95per cent Confidence t df Sig. (2-tailed) Hypothesis
Deviation Mean Interval of the Difference Results
testing
Lower Upper
H0: μ1 = μ2

Pair 1 LLPs Registrations -19699.75 6298.92 3149.46 -29722.74 -9676.76 -6.255 3 0.008 Accepted
before and after
implementation of
Companies Act 2013
Pair 2 LLPs registrations -7594.62 11119.06 3083.87 -14313.80 -875.43 -2.463 12 0.030 Accepted
economic activity-
wise before and after
implementation of
Companies Act 2013
Pair 3 LLPs Registrations -2.75 866.28 250.07 -553.16 547.66 -0.011 11 0.991 Rejected
before and after
implementation of
GST Act 2017
Pair 4 LLPs Registrations
Economic Activity-
Wise before and
after implementation
of GST Act 2017 739.42 1205.60 348.03 -26.59 1505.42 2.125 11 0.057 Rejected
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India
385
386 Prajnan

Results of Paired t test

The Table value of Paired t test with 5 per cent level of significance equals
(t11 = 2.125, p < 0.057). This is more then (p < 0.05). Therefore, null hypothesis
is accepted. There is no difference in the LLPs registrations economic
activity-wise after implementation of GST Act 2017. It concluded that there is
no growth LLPs registrations economic activity -wise after implementation of
GST Act 2017.

Here, we have listed out major findings of the study: The Total number of LLPs
1, 26,733 had been registered with Total Obligation of Contribution (Rs. in
crore) 38,447.21 as on 30.06.2018 in India. Majority of 76 per cent active
number of LLPs had been registered in the service sectors followed by industry
sector 22 per cent and agriculture and allied sectors 2 per cent. Majority of 71
per cent Obligation of Contribution in the service sectors followed by industry
sector 28 per cent and agriculture and allied sectors 1 per cent. Large number
of LLPs are in business services sector 47,285 (41 per cent) followed by trading
sector14, 320 (12 per cent), manufacturing sector 13,496 (11 per cent) and
real estate and renting sector 11,571(10 per cent). It is amounted to 74 per
cent LLPs had been registered. large amount of LLPs Obligation of Contribution
(in Rs lakh) are in business services sector (24 per cent) followed by trading
sector (17 per cent), manufacturing sector (15 per cent) and real estate and
renting sector (14 per cent). It is amounted to 70 per cent LLPs Obligation of
Contribution.

Interestingly about 58.72 per cent active LLPs had been registered (67,351 in
number) have obligation of contribution above 1 lakh to 5 lakh, followed by
(26,804) (23.37 per cent) up to 1 lakh. It indicates that 82.09 per cent active
LLPs obligation of contribution (94,155 in numbers) have obligation of
contribution less than or equal to Rs. 5 lakh each.

Our paired samples correlation table reveals that LLPs registrations and total
obligation of contribution (Rs. in crore) are significantly highly positively
correlated (r = 0.830).

The paired t test result shows that there is growth in LLPs registrations after
implementation of Companies Act 2013 (t = -6.25, p < 0.01).

Further, there is growth in LLPs registrations economic activity-wise after

implementation of Companies Act 2013 as well. This is also confirmed by
t-test (t = -2.463 and p < 0.03)

We have also found that there is no difference in the LLPs registrations before
and after implementation of GST Act 2017 (t is insignificant).

Also there is no growth LLPs registrations economic activity-wise after

implementation of GST Act 2017.
Govindan: A Study on Growth of Limited Liability Partnerships (LLPs) in India 387

Section IV
Conclusion

This study observes that during the study period growth of Limited Liability
Partnership (LLPs) is phenomenal one. Since its implementation to as on
30th June 2018, a total number of LLPs registered 1,26,733 out of them 1,
14,694 LLPs were active in India. It indicates that positively growing one and
also it indicates that LLPs Act welcomed by investors. It concluded that there
is growth in LLPs registrations and economic activity -wise after implementation
of Companies Act 2013. It concluded that there is no difference in the LLPs
Registrations before and after implementation of GST Act 2017. It is suggested
that various tax reforms need in the GST to increase registration of LLPs.
Comparison of LLPs with Partnership Firm, Public Company and Private
Company shows that LLPs is best innovative vehicle for small and medium
scale Entrepreneurs.

This study also suggests that in order to attract investors to new as well as
existing sectors both state, central governments and other agencies should
take new policy implementations and also revising existing policies. After
implementation historic tax reform in India, like Companies Act 2013, the
goods and services tax was rolled out on 1st July, 2017, subsuming almost all
major indirect taxes facilitates enable the new domestic and foreign entrants
to establish business operations in India. After the economic liberalisation,
with increase in domestic demand, a high return on investment, India has
emerged as a credible investment destination for domestic as well as foreign
investors. In the challenging international business environments, India has
understood the role of strengthening infrastructure for starting new business
venture which will ultimately create more entrepreneurial opportunities in
India.

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