Salient features of  LLP Act, 2008 and Statewise Lise of number of firms converted to the LLP during the last three years

Limited Liability Partnership Rules

The Limited Liability Partnership Rules, 2009 were notified on 01.04.2009. As on 08-08-2011, 5883 LLPs are registered all over India.

The Limited Liability Partnership (LLP) is an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement.

The salient features of  LLP Act, 2008, inter alia,  are as follows:

1.       It is a body corporate with separate legal entity from its partners. The mutual rights and duties of the partners of an LLP are governed by LLP Agreement.

2.       LLP is liable to the extent of its assets.  Partner’s liability is limited to the extent of agreed contribution (capital) in the LLP Agreement.

3.       No partner is liable on account of the independent or unauthorized action of other partners or for their misconduct.

4.       Every LLP should have at least two partners with at least two individuals as “designated partners”, of whom at least one must be resident in India. Only designated partners are responsible for compliance with the Act.

5.       A firm, private company or an unlisted public company can be converted into LLP.

6.       The Act empowers Central Government to apply provisions of the Companies Act, 1956 as appropriate, by notification with such changes as deemed necessary, in the LLP Act, 2008.

7.       The winding up of LLP is either voluntary or by the High Court.

 The number of firms converted to the LLP during the last three years, state-wise is as per annexure attached.

 This information was given by the Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today in  the Lok   Sabha in reply to a written question whether the Limited Liability Partnership Rules (LLPR) is functional in the country, the details of its goals and salient features; and the number of firms converted to the LLPR during the last three years, state-wise?

Annexure

The number of firms converted to LLP during the last three years,  state-wise is as under:

Sl. No.

Name of States

1st year

 (2009-10)

2nd year

(2010-11)

Current year

01-04-2011

to

08-08-2011

Total

1

Andhra Pradesh

02

02

2

Assam

3

Bihar

4

Chandigarh

5

Chattisgarh

6

Delhi

06

07

02

15

7

Goa

02

02

8

Gujarat

01

03

04

9

Haryana

01

01

10

Himachal Pradesh

11

Jammu & Kashmir

12

Jharkhand

01

01

13

Karnataka

02

04

01

07

14

Kerala

15

Madhya Pradesh

16

Maharashtra

01

11

04

16

17

Manipur

18

Meghalaya

19

Orissa

20

Punjab

21

Pondicherry

22

Rajasthan

23

Tamil Nadu

02

03

05

24

Tripura

25

Uttar Pradesh

01

01

26

Uttaranchal

27

West Bengal

01

02

03

 

Grand Total

10

34

13

57

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