Limited Liability Partnership Bill '08 passed by R.S.

Rajya Sabha has passed the Limited Liability Partnership Bill, 2008. Minister of Corporate Affairs, Shri Prem Chand Gupta today presented the Bill for consideration and passage by the House. All members supported it, thereby giving it the nod of the Rajya Sabha. The Bill provides for the formation and regulation of limited liability partnerships and for matters connected therewith or incidental thereto. Limited Liability Partnership (LLP) as proposed in the Bill, 2008 is a new corporate form that enables professional expertise and entrepreneurial initiative to combine, organize and operate in an innovative and efficient manner. In India, this need has long been recognised for businesses which may require a framework that provides flexibility suited to requirements of service, knowledge and technology based enterprises.

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