Journal Press India^®

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LLP is a new corporate form that enables professional expertise and entrepreneurial initiative to combine, organize and operate in an innovative and efficient manner. In India, this need has long been recognised for businesses which may require a framework that provides flexibility suited to requirements of service, knowledge and technology based enterprises. Services sector is playing a major role in the national economy and there is a growing diversity in the range of services being offered. The services sector also finds this form very useful. LLP Bill, 2008 was introduced in the Rajya Sabha on 21st October, 2008. This was passed by the Rajya Sabha on 24th October, 2008. The Bill was passed by Lok Sabha on 12th December, 2008. The President gave assent to this Bill on 7th January, 2009.This has opened a new gateway to entrepreneurs to enter the corporate world.

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3. Ministry of Company Affairs (2005 ), "Concept Paper on Limited Liability Partnerships", Press Note 5/2005 dated November 2005.
4. Ministry of Company Affairs(2009): Taxation of Limited Liability Partnership-Press Note, dated 10/07/2009
5. Ministry of Finance and Company Affairs (2003), "Naresh Chandra Committee-Second Report on Regulation of Private Companies and Partnerships", Academic Foundation, Economica India, 2004, Page 87-96.
6. Kothri Vinod & Mukerjee Samik (2005): "Irani Committee Report-An Analysis of Corporate Law reform in India" The Chartered Accountant Vol 54 No1 July.
7. Jhaveri Shreyas & Sithapathy Vinita (2006): "Limited liability partnership: An insight", The Chartered Accountant Vol. 55 No 3 September.
8. www.llp.gov.in www.mca.gov.in