The limited liability partnership bill 2006 - An analytical study

The Limited Liability Partnership (LLP) Bill, 2006 will have the features of separate legal entity capable of suing and being sued, having perpetual succession and common seal. The LLP, which is a separate legal person, will be liable to the third parties independent of the other partners. It is viewed that provides the benefits of limited liability but allows its members the flexibility of organising their internal structure as a partnership based on a mutually arrived agreement. This article focuses the objects, salient aspects and benefits of the newly introduced LLP Bill, 2006.