2.

11 CONCEPT OF LIN
ACT, 2008(LLP ACT)
NERSR
enterprises have a new torm of business
In order that the small
without the hassles of a organiz
combining the advantages of apartnership pri
li vate
enterprise existing in Ih
liability company, on the lines of similar form of
Limited Liability Partnership was contemplated and expert opinions were s
from various quarters and received.
LLP is viewed as an alternative corporate business vehicle that provides thebenc
the limited liability but allows its members the flexibility of organizing their in
Structure as a partnership based on mutually arrived agreement. It is expea:
enable entrepreneurs, professionals and enterprises providing services ot an
or engaged in scientific and technical disciplines, to form commercially en
vehicles suitable to their requirements. With this background, Government ot
has enacted the Limited Liability Partnership Act, 2008 (LLP Act) on
2009 and notified the various provisions of the Act on 31st March 2009. GO
also notified Limited Liability Partnership Rules, 2009 (LLP Rules) in respe
registration and operational aspects