The Advent of the LLP in India

Research Handbook on Partnerships, LLCs and Alternative Forms of Business Organizations (Robert W. Hillman and Mark J. Loewenstein eds.) (Edward Elgar Publishing, 2015, Forthcoming)

UC Davis Legal Studies Research Paper No. 408

38 Pages Posted: 8 Dec 2014 Last revised: 11 Dec 2014

See all articles by Afra Afsharipour

Afra Afsharipour

University of California, Davis - School of Law

Date Written: October 3, 2014

Abstract

In 2008, India passed a ground-breaking law to introduce the Limited Liability Partnership form into Indian business law. The Indian LLP Act was the first major introduction of a new business form in India in over 50 years. While the partnership and corporate forms (i.e. companies under the Indian Companies Act) have long flourished in India, both forms have presented challenges for certain Indian businesses. The Indian government’s impetus for the LLP Act was to develop a business association form that could better meet the needs of entrepreneurs and professionals with respect to liability exposure, regulatory compliance costs and growth. This chapter begins with a broad overview of the political and legislative process which led to the adoption of the LLP Act. It then addresses the critical aspects of the Indian LLP Act, and analyzes some of the challenges and uncertainties that may derail the success of the LLP form.

Keywords: India, LLP, Limited Liability Partnership

Suggested Citation

Afsharipour, Afra, The Advent of the LLP in India (October 3, 2014). Research Handbook on Partnerships, LLCs and Alternative Forms of Business Organizations (Robert W. Hillman and Mark J. Loewenstein eds.) (Edward Elgar Publishing, 2015, Forthcoming); UC Davis Legal Studies Research Paper No. 408. Available at SSRN: https://ssrn.com/abstract=2534502

Afra Afsharipour (Contact Author)

University of California, Davis - School of Law ( email )

Martin Luther King, Jr. Hall
Davis, CA CA 95616-5201
United States

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