Afra Afsharipour
University of California, Davis - School of Law
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.
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