<h1>New Bill Proposes Limited Liability Partnerships with Flexible Organization and Simplified Legal Framework for Service Sector Enterprises.</h1> The Limited Liability Partnership Bill, 2008 was introduced in the Rajya Sabha by the Minister of Corporate Affairs. This Bill aims to establish a new corporate form allowing limited liability for partners while offering flexibility in internal organization similar to partnerships. It is designed to benefit various enterprises, especially in the service sector, by providing a less cumbersome legal framework than that of large companies. The Bill includes provisions for LLPs as separate legal entities, with partners' liabilities limited to their contributions. It also addresses corporate actions and tax matters, drawing from recommendations by several committees.