Limited Liability Partnership Act Is Born

The Limited Liability Partnership Act will now make provision for Limited Liability Partnerships.

According to Wikipedia, “A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. In an LLP one partner is not responsible or liable for another partner’s misconduct or negligence.”

This Act will give powers to the registrar to refuse registration of a limited partnership when the information presented is insufficient.

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