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of <h1>Central Government Empowered to Formulate Rules Under Section 79 of LLP Act 2008 for Implementation and Regulation</h1> Section 79 of the Limited Liability Partnership Act, 2008 grants the Central Government the authority to establish rules for implementing the Act's provisions. These rules can address various matters, including the contribution requirements, eligibility criteria for designated partners, incorporation processes, document filing, accounting standards, and dissolution procedures. Additionally, the rules cover the maintenance of records, fee structures, and regulatory mechanisms for both domestic and foreign LLPs. Once formulated, these rules must be presented to Parliament for approval, allowing for modifications or annulments as necessary.
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