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of <h1>Clause 30 of LLP Bill 2008: Unlimited Liability for Fraudulent Acts, Imprisonment Up to 2 Years, Heavy Fines</h1> Clause 30 of the Limited Liability Partnership Bill, 2008, addresses unlimited liability in cases of fraud. If a limited liability partnership (LLP) or any partner acts with intent to defraud creditors or for any fraudulent purpose, their liability becomes unlimited for the LLP's debts or liabilities. The LLP is equally liable unless it proves lack of knowledge or authority regarding the fraudulent act. Those knowingly involved in fraudulent business practices face imprisonment up to two years and fines between fifty thousand and five lakh rupees. Additionally, the LLP and involved individuals must compensate for any resultant loss or damage unless the LLP was unaware of the fraudulent actions.
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