Limited Liability Partnerships (LLPs)

While LLP has been a popular form of organization adopted by professionals, particularly lawyers, accountants and architects, internationally, GOI has as late as 2006 recognized the necessity to implement a regulatory framework to establish LLPs in India.

The LLP Bill, 2006 currently pending before the Parliament, if passed, would be a dynamic step towards the establishment, in India, of an alternative corporate business vehicle for multi-disciplinary partnerships incorporating the advantage of members' limited liability coupled with flexibility in the arrangement of their internal organizational structures, based on mutual agreements, and constituting a hybrid between a limited liability company and a partnership firm.