https://www.taxtmi.com/news?id=638 The Bill creates a statutory Limited Liability Partnership as a separate legal entity and body corporate with perpetual succession; partners' liability is limited to their agreed contribution and not to the unauthorized acts of other partners. The LLP form is open to any qualifying enterprise, replaces applicability of the Indian Partnership Act, 1932, contemplates selective application of Companies Act provisions by notification, mandates annual accounts, defers taxation to the Income Tax Act, and provides enabling provisions for mergers, winding up and dissolution to be specified by rules. en-us Wed, 22 Oct 2008 16:19:09 +0530 Fri, 07 Nov 2008 18:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=638 The Bill creates a statutory Limited Liability Partnership as a separate legal entity and body corporate with perpetual succession; partners' liability is limited to their agreed contribution and not to the unauthorized acts of other partners. The LLP form is open to any qualifying enterprise, replaces applicability of the Indian Partnership Act, 1932, contemplates selective application of Companies Act provisions by notification, mandates annual accounts, defers taxation to the Income Tax Act, and provides enabling provisions for mergers, winding up and dissolution to be specified by rules. News - Wed, 22 Oct 2008 16:19:09 +0530 https://www.taxtmi.com/news?id=638