Limited Liability Partnerships – Back In Limelight

Introduction

In about less than a month, the first ever amendment to the Limited Liability Partnership Act, 2008 ("LLP Act") will come into effect (on and from 1^st April 2022 onwards). The Limited Liability Partnership (Amendment) Act, 2021 ("Amendment") was finally notified on 11^th February 2022 together with the Limited Liability Partnership (Amendment) Rules, 2022 ("LLP Rules"). Limited Liability Partnerships ("LLPs") often serve as an alternate quasi corporate vehicle offering the benefits of limited liability to its members, flexibility of organising their internal structure with fewer compliances and statutory requirements as compared to any company incorporated under Companies Act 1956/2013.