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The total number of Limited Liability Partnerships registered in the country stands at 5,883 as on August 2011. During the last three years, around 57 firms converted to LLPs, including 16 in Maharashtra, 15 in Delhi, seven in Karnataka and five in Tamil Nadu. Mr R.P.N. Singh, Minister of State, Ministry of Corporate Affairs, said this while replying to a question in the Lok Sabha.
The LLP Rules were notified in April 2009 and attach limited liability to the members, providing for more flexibility in organising internal structure.
It is seen as an alternative corporate business vehicle. The LLP Act, 2008, defines LLP as a body corporate with separate legal entity from its partners. The mutual rights and duties of the partners of an LLP are governed by LLP Agreement.
A partner's liability is limited to the extent of agreed contribution (capital) in the Agreement.
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