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Our Bureau

New Delhi, Oct. 24 The Limited Liability Partnership Bill, 2008, has been passed by the Rajya Sabha on Friday.

Limited Liability Partnership (LLP), as proposed in the Bill, is a new corporate form that would give the benefits of limited liability but would allow its members the flexibility of organising their internal structure as a partnership based on an agreement.

A LLP will be a separate legal entity, liable to the full extent of its assets, and the liability of the partners would be limited to their agreed contribution in the firm, an official release said.

Further, no partner would be liable on account of the independent or unauthorised actions of other partners, thus, allowing individual partners to be shielded from joint liability created by another partner’s wrongful business decisions or misconduct.

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