What date MCA made the bill?
9th January 2007
What date did the President sign the bill?
12th December 2008
What date was it in the Official Gazette?
7th January 2009
Section 2(1)(d)
Body Corporate
Section 2(1)(l)
Financial Year
Section 2(1)(ta)
Small LLP
Define LLP
1) New form of doing legal business with limited liability.
2) Alternate corporate business vehicle
3) Liability of partners is limited up to the capital contributed by them
4) LLP itself is fully leaked to the full extent of its assets
5) Provides flexibility in the management of its internal structure.
Section 3
Body corporate
Separate legal existence
Perpetual existence
Artificial legal person
Common seal
Advantages of LLP
1) Easy to form
2) Easy to dissolve
3) LLP has liability of partners limited to capital
4) Flexibility of operation due to less legal requirements
5) Procedure as per agreement between partners
Section 4
LLP shall not comply, follow, restrict itself from any provision contained in the IPA,1932.
Section 5
Who can be partner in LLP
UUI
Section 6
Minimum no. of partners
