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of <h1>The Limited Liability Partnership Act, 2008 Defines Key Terms, Roles, and Concepts for LLPs Including Section on Small LLPs</h1> The Limited Liability Partnership Act, 2008 defines key terms related to limited liability partnerships (LLPs). It specifies that an 'address' for a partner refers to a residential address for individuals and a registered office for corporations. It defines various roles such as 'advocate,' 'chartered accountant,' 'company secretary,' and 'cost accountant' according to respective Acts. The Act clarifies the meaning of 'body corporate,' 'business,' 'Court,' 'designated partner,' and 'entity.' It outlines the financial year, defines 'foreign limited liability partnership,' and specifies the roles of 'Registrar' and 'Regional Director.' It also introduces the concept of a 'small limited liability partnership' based on contribution and turnover thresholds.
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