Limited Liability Partnership (LLP)—Unlimited Possibilities

Abstract

The concept of Limited Liability Partnership (LLP) as a body corporate form of alternative flexible business structure was introduced in India and viewed as path-breaking reform initiatives which may provide a platform to small and medium firms and professional personnel. The LLP Rules are broadly based on the UK LLP Act 2000 (the Act became law on 1/4/2001) and Singapore LLP Laws 2005 which follow the "fiscal transparency". This article intends to highlight the genesis of LLP Act, 2008, in India. The object of the study is to examine the conceptual idea as descanted earlier conceived by Government of India (GoI) and its practical utility and also to focus the successfulness of the said Act after its implementation in India.