Limited Liability Partnership Act

The Limited Liability Partnership Act was introduced in 2008 for the legal sanction of LLP or limited liability partnership concept. LLP is an alternative corporate business with the benefits of partnership flexibility and limited liability of a firm. Each partner is not answerable for another partner’s misconduct. Recently, the Company Law Committee, headed by Rajesh Verma, recommended the decriminalization of 12 offences under LLP Act- including offences related to annual reports, timely filing, etc.