Section 79 of LLP Act, 2008 : Section 79: Power To Make Rules

Explanation using Example

Imagine a group of entrepreneurs who want to start a new tech company and decide to form a Limited Liability Partnership (LLP) for their venture. They begin by researching the necessary steps and legal requirements to establish their LLP. During this process, they come across Section 79 of the Limited Liability Partnership Act, 2008.

Under Section 79, the Central Government has the authority to make rules for the implementation of the LLP Act. For example, the government may introduce a rule specifying the minimum contribution required from each partner in an LLP. If the entrepreneurs decide to contribute a higher amount than the minimum, they must adhere to the rules set forth by...

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