January 5, 2018
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Limited Liability Partnership rules shape incorporation and governance, with nationwide increases in LLP registrations and conversions.
The Limited Liability Partnership Rules, 2009 provide procedures for LLP incorporation, governance, partner relations, roles and liabilities of designated partners, penalties, investigation powers, internal working mandates including maintenance of accounts and audits, and statutory filing requirements with the Registrar for financial position and solvency, as well as conversion procedures from firms and companies into LLPs. State/UT wise data for 2014 15 to 2016 17 show numbers of conversions and registrations with all India aggregates for each year, as reported in a parliamentary written reply.