SYNOPSIS

TOPIC:- Limited Liability Partnership- Is it a quasi-partnership, quasi-corporation or sui

generis?

INTRODUCTION:-

The law relating to limited liability is new to India. However in several other countries limited
liability partnerships are not new countries like United kingdom ,Singapore have a very robust
law to administer limited liability partnerships. These countries are economically developed and
the bureaucracy and the legal system in these countries are efficient and effective in their
respective rolls. Back home, the LLP Bill was introduce in the Rajya Sabha in 2006 ,and it came
into force in 2008. Apart from the Indian Partnership Act,1932 and the Companies Act,1952
which are veterans in their respective fields and which have withstood the test of times, no other
enactment that focused on the form of a business entity, was introduced in India. Limited
liability partnership is of a single type as it has only incorporated for business activities whereas
associations not for profit, with charitable, cultural religious or other such objectives in the form
of companies incorporated under the Companies Act.

This concept has obviously emanated from Section 4 of the partnership Act,1932 but it aims to
remove the fear of a business man about losing personal wealth while doing business in
partnership with another. It aims to make it easier for the enterprising Indian youth to take up the
business activity. It would not be an exaggeration to say that the legislature has done a
commendable job in introducing the concept of LLP, as the LLP Act combines best of both
worlds.

In this project work though it is a small contribution but an analysis of the comparative study of
the topic and not the usual verbatim extract of law presented in a lucid account in order to make
it useful and analytical.

OBJECTIVE OF THE STUDY:-

The researchers is going to research the above topic with some of the objectives which is sited
below:
 1. To know about the LLP and its nature whether its a quasi-partnership, quasi-corporation
or sui generis?
2. And the fabric of faith that exist between the members of a company or between partners
does it also exist in the context of LLP?
3. Also to analyze the flexibility and the less complicated internal structure of a LLP.

HYPOTHESIS:-
LLPs may be chosen as the most appropriate form of organization.

RESEARCH METHODOLOGY:-
The researchers will be using doctrinal mode of research.

SOURCE OF DATA:-
Primary Source:

 Limited Liability Partnership Act,2008

 Case laws.
Secondary Source: Textbooks and Websites.

LIMITATIONS OF THE STUDY:-

The researchers cannot opt for non-doctrinal mode of research and they have to be dependent
upon only doctrinal method which would include primary and secondary sources.

SCOPE OF THE STUDY:-

The study will include the provisions of the Limited liability partnership Laws and case laws
supporting the arguments used in the research.

CHAPTERISATION:-
1. Introduction
2. History of the LLP Act
3. Meaning and nature of LLP
i. LLP to be a body corporate
ii. LLP to be a Partnership Firm
iii. LLP as a or sui generis
 4. Comparative analysis of an LLP with that of a company and that of a partnership firm
and about being as sui generis
5. Conclusion

Submitted by:-

Group:
1411.           Himanshu Gupta
14121005.  Akanksha Dipankar

Submitted to:-

Mr. Shantanu Braj Choubey

Faculty of Corporate Law-I