Press Information Bureau

Government of India

Ministry of Corporate Affairs

15-March-2012 16:53 IST

Limited Liability Partnership

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that the Limited Liability Partnership Act, 2008 (LLP) which came into effect from March 31, 2009, provides for any individual or body corporate to be a partner under LLP Act, 2008. Whereas a joint venture LLP between Government and private sector is possible, there is no concept of “Government LLP” in the LLP Act, 2008. As such no data is maintained of joint ventures Limited Liability Partnership between the Government and private sector under the provisions of the LLP Act.

Audit of Limited Liability Partnership is conducted by the member/member firm of The Institute of Chartered Accountants of India as per rule 24 of LLP Rules, 2009.

The Minister war replying to a written question whether joint ventures between the Government and private sector under limited liability partnership exist in the country; the date from which the said policy came into effect; the number of such joint ventures functioning in the country by the end of December, 2011 and the amount of capital invested by the Government and private sector therein; and the name of the agency entrusted with the audit of the account of the said joint ventures.

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ST/-

Limited Liability Partnership: joint venture LLPs may include government partners but there is no separate 'Government LLP' concept. The Limited Liability Partnership Act allows any individual or body corporate to be a partner and permits joint venture LLPs including government participation, but the Act does not recognise a distinct Government LLP, so no separate data on such entities is maintained. LLP accounts must be audited by a member or member firm of the Institute of Chartered Accountants of India pursuant to rule 24 of the LLP Rules, 2009.