Limited Liability Partnership (A New Business Vehicle for Indian MSMEs)
Journal Title: JOURNAL OF COMMERCE AND TRADE - Year 2010, Vol 5, Issue 1
Abstract
In sole proprietorship/partnership firms, the liability of Proprietor/partners is unlimited. They have the exposure of their personal assets being appropriated & liquidated to meet proprietorship/ partnership dues. In case of companies the liability of promoter is limited. So, a need was felt for a new corporate form with operational flexibility on the one hand, and corporate personality as well as limited liability on the other. The LLP form of business is prevalent in many parts of the world including USA,UK, Canada, Germany, China, Singapore etc. LLP is a body corporate and a legal entity separate from its partners. Any two or more persons/ corporate may form a Limited Liability Partnership. No partner would be liable on account of the independent or un-authorized actions of other partners or their misconduct. Any firm, private company or an unlisted public company is allowed to be converted into LLP in accordance with the provisions of the Act.
Authors and Affiliations
Sanjay Rautela, Dr. Kusum Lata Rautela Dr. Kusum Lata Rautela
Keywords
Related Articles
- EP ID EP250161
- DOI -
- Views 71
- Downloads 0
A Study on Factors that Affect School Enrolment and Dropout Rates
Education is an affective instrument for social and economic development of society. Education is an affective instrument for social and economic development and national integration. It contributes not only for the deve...
Status of Pradhan Mantri Jan Dhan Yojna In Uttarakhand : An Initiative under Financial Inclusion
The irony of the Indian growth story is that where on one hand, a certain proportion of the population is enjoying the accessibility of banking services; on the other hand, another segment remains underprivileged. The lo...
Business Method Patents-International Developments
Business Method may be defined as “a method of operating any aspect of business enterprise”. A business method is classified as a process because it is not a physical object like a mechanical invention or chemical compos...
Assessing the Role of TRIPS Agreement for Inaccessibility and Un-affordability of Essential Medicines in Nigeria
Intellectual property rights (IPRs) protection was not recognised in Nigeria and essential medicines were accessible and affordable to all but reverse is the case with the implementation of TRIPS agreement on IPRs. This...
Renewable Energy-Solar Power in India
Renewable energy is basically the energy that comes from natural sources such as wind, sunlight, tides, rain, and geothermal heat. Generally renewable energy projects are used on a large scale, however, this does not mea...