https://www.taxtmi.com/news?id=2143 The Limited Liability Partnership framework creates a separate legal entity combining limited liability with partnership flexibility governed by an LLP Agreement. Partners' liability is limited to agreed contributions; partners are not liable for others' independent or unauthorised acts. Each LLP must have at least two partners and two designated partners (one resident in India), with designated partners responsible for statutory compliance. The regime allows conversion of firms and companies into LLPs, adaptation of Companies Act provisions by Government notification, and provides for voluntary or High Court winding up; state-wise conversion data since notification are reported. en-us Thu, 18 Aug 2011 17:35:00 +0530 Thu, 18 Aug 2011 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=2143 The Limited Liability Partnership framework creates a separate legal entity combining limited liability with partnership flexibility governed by an LLP Agreement. Partners' liability is limited to agreed contributions; partners are not liable for others' independent or unauthorised acts. Each LLP must have at least two partners and two designated partners (one resident in India), with designated partners responsible for statutory compliance. The regime allows conversion of firms and companies into LLPs, adaptation of Companies Act provisions by Government notification, and provides for voluntary or High Court winding up; state-wise conversion data since notification are reported. News - Thu, 18 Aug 2011 17:35:00 +0530 https://www.taxtmi.com/news?id=2143