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of <h1>Limited Liability Partnership Bill, 2008: New Corporate Form with Limited Liability and Partnership Flexibility</h1> The Limited Liability Partnership Bill, 2008 aims to provide a new corporate form that combines the benefits of limited liability with the flexibility of a partnership. It allows two or more individuals to form an LLP, which is a separate legal entity with perpetual succession. Partners' liabilities are limited to their contributions, and the LLP's internal structure is governed by mutual agreement. The Bill includes provisions for maintaining annual accounts, auditing, conversion of firms into LLPs, and government investigation of LLP affairs. The LLP can be wound up voluntarily or by a tribunal, and the Indian Partnership Act, 1932 does not apply to LLPs.
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