The passing of the Limited Liability Partnership (LLP) Act by the Indian parliament at the end of 2008 has been greeted as an important legislative step towards the liberalization of India’s legal market.
The act, which came into effect on 9 January, allows professional firms, including law firms, to form body corporate-type partnerships with other firms. The new partnerships will be separate legal entities, responsible for their own liabilities, with individual firms liable only to the extent of their own contributions to the partnership. The act imposes no upper limit on the number of partners, unlike the current structure which limits partnerships to a maximum of 20 partners.
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