12. The Limited Liability Partnership Act, 2008
Commencement : 12th Dec 2008
Extent : India
81 Sections, 4 Schedules
Schedule I - Mutual rights and duties of partners & Limited Liability Partnership & it's partners where there is an absence of formal agreement amongst them.
Schedule II - Conversion of a firm into LLP.
Schedule III - Conversion of a Private Co. into LLP.
Schedule IV - Conversion of unlisted public Co. into LLP.
Important Sections :
2. Definitions
1a. Address
1d. Body Corporate
1e. Business
1f. Chartered Accountant
1j. Designated partner
1k. Entity
1l. Financial year
1m. Foreign LLP
1n. LLP
1o. LLP Agreement
1p. Name
1q. Partner
1ra. Regional director
1s. Registrar
1ta. Small LLP
1u. Tribunal
________
5. Partners
6. Minimum number of partners
7. Designated partners
8. Liabilities of designated partners
9. Changes in designated partners
10. Punishment for contravention of sections 7 & 9
11. Incorporation Document
12. Incorporation by Registration
13. Registered office of LLP & Changes therein
14. Effect of registration
15. Name
16. Reservation of name
17. Rectification of name of LLP
22. Eligibility to be partners
23. Relationship of partners
24. Cessation of partnership interest
25. Registration of changes in partners
________
26. Partner as agent
27. Extent of Liability of LLP
28. Extent of liability of partner
29. Holding out
30. Unlimited liability in case of fraud
31. Whistle blowing
32. Form of contribution
33. Obligation to contribute
34. Maintenance of books of account, other records and audit, etc.,
34A. Accounting & Auditing standards
35. Annual Return
36. Inspection of documents kept by registrar
37. Penalty for false statement
38. Power of registrar to obtain information
39. Compounding of offences
_______
42. Partner's transferable interest
55. Conversion of firm into LLP
56. Conversion from private company into LLP
57. Conversion from unlisted public company into LLP
58. Registration and effect of conversion
59. Foreign LLP
60. Compromise or arrangement of LLP
61. Power of Tribunal to enforce compromise or arrangement
62. Provisions for facilitating reconstruction or amalgamation of LLP
_______
63. Winding up & dissolution
64. Circumstances in which LLP may be wound up by tribunal
65. Rules for winding up & dissolution
66. Business transactions of partner with LLP
67. Application of the provisions of the companies act
69. Payment of additional fee
70. Enhanced punishment
