The Limited Liability Partnership Act, 2008

The Limited Liability Partnership Act, 2008 was enacted to provide a legal framework for the formation, operation, and management of limited liability partnerships in India. It allows the creation of a partnership that provides limited liability to its partners, making it an attractive business structure for entrepreneurs. The Act sets out the procedures for the incorporation of a limited liability partnership, the rights and duties of partners, and the rules for the management and winding up of the partnership. It also provides for the registration and regulation of limited liability partnerships, and establishes the powers and functions of the Registrar of LLPs.