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of <h1>Limited Liability Partnership Bill, 2008: Framework for LLP Formation, Partner Rules, and Compliance Requirements in India</h1> The Limited Liability Partnership Bill, 2008 outlines the framework for the formation, registration, and regulation of Limited Liability Partnerships (LLPs) in India. It defines key terms such as 'foreign LLP' and 'LLP agreement' and establishes LLPs as separate legal entities with perpetual succession. The Bill exempts LLPs from the Indian Partnership Act, 1932, and allows individuals and corporate bodies to become partners, specifying disqualifications for partnership. It mandates a minimum of two partners and designated partners, with at least one resident in India, and sets out their responsibilities and liabilities. LLPs must maintain proper accounts, file annual returns, and adhere to specified penalties for non-compliance. The Bill also addresses LLP conversion, investigation procedures, and the powers of the Central Government and Tribunal in regulating LLPs.
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