<h1>India's LLP Structure: A Blend of Professional Expertise & Entrepreneurial Initiative; Taxed as Entities Under 2009 Finance Bill.</h1> The Limited Liability Partnership (LLP) in India, a new corporate form, combines professional expertise and entrepreneurial initiative, particularly benefiting the services sector. The LLP Bill, initiated in 2006, went through several revisions and was passed in 2008, receiving presidential assent in 2009. The LLP Rules, 2009, were issued for registration and conversion processes. The Finance Bill, 2009, introduced taxation provisions for LLPs, aligning them with general partnerships under the Income Tax Act, 1961. LLPs are taxed as entities, exempting partners, with designated partners responsible for tax returns. Conversion from general partnerships to LLPs has no tax implications if conditions are met.