In this course, one can learn about LLP form Of Orgainsation which means The Limited liability partnership Act 2002

Understand the meaning of the term ‘Limited Liability Partnership’, its need, scope and advantages

♦ Incorporation of LLP, Partners and their relations, financial disclosures, conversions, winding up and dissolution

♦ differentiate between ‘Limited Liability Partnership’ and other forms of organisation

The Ministry of Law and Justice on 9th January 2007 notified the Limited Liability Partnership Act, 2008. The Parliament passed the Limited Liability Partnership Bill on 12th December, 2008 and the President of India has assented the Bill on 7th January, 2009 and called as the Limited Liability Partnership Act, 2008. The LLP Act, 2008 is applicable to the whole of India. This Act have been enacted to make provisions for the formation and regulation of Limited Liability Partnerships and for matters connected there with or incidental thereto.

The LLP Act, 2008 has 81 sections and 4 schedules. The First Schedule deals with mutual rights and duties of partners, as well limited liability partnership and its partners where there is absence of a formal agreement with respect to them. The Second Schedule deals with conversion of a firm into LLP. The Third Schedule deals with conversion of a private company into LLP. The Fourth Schedule deals with conversion of unlisted public company into LLP.

The lawmakers envisaged the need for bringing out a new legislation for creation of the Limited Liability Partnership to meet with the contemporary growth of the Indian economy. A need has been 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 hand. In order to enable professional expertise and entrepreneurial initiative and combine, organize and operate in flexible, innovative and efficient manner, the LLP Act, 2008 was enacted.