https://www.taxtmi.com/article/detailed?id=219 The Bill establishes the LLP as a corporate entity with limited liability and perpetual succession, exempting it from the Indian Partnership Act, 1932, and governed by an LLP agreement that determines partners' mutual rights. Every LLP must have at least two partners and at least two individual designated partners (one resident in India), with designated partners required to give prior consent, obtain a Designated Partner Identification Number, file particulars with the Registrar, satisfy prescribed conditions, and bear responsibility for statutory compliance and penalties for contraventions. en-us Fri, 07 Nov 2008 00:00:00 +0530 Thu, 10 Dec 2009 21:41:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=219 The Bill establishes the LLP as a corporate entity with limited liability and perpetual succession, exempting it from the Indian Partnership Act, 1932, and governed by an LLP agreement that determines partners' mutual rights. Every LLP must have at least two partners and at least two individual designated partners (one resident in India), with designated partners required to give prior consent, obtain a Designated Partner Identification Number, file particulars with the Registrar, satisfy prescribed conditions, and bear responsibility for statutory compliance and penalties for contraventions. Articles Limited Liability Partnership - LLP Fri, 07 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=219