Notes

LIMITED LIABILITY PARTNERSHIP

Nature and features of limited liability partnership (LLP) A limited liability partnership (LLP) is defined as "a legal business entity partnership whereby the LLP is responsible for the debts of the business and not the partners". The Limited Liability Partnership Act, 2008 was enacted to make provisions for the formation and regulation of limited liability partnerships. Sections 55-58 related to conversion of existing partnership firms, private as well as public unlisted companies, into LLP came into force on 31 May 2009. Further, Section 51 and Sections 63-65 related to winding up of an LLP came into force on 10 July 2012.