Chapter: 1.Introduction 5
1.1 Research Methodology 8
1.1.1 Object of Study 8
1.1.2.Scope of the Study 8
1.1.3 Source of Information 9
1.2.Research Scheme 9
1.3.Research Hypothesis 12
CHAPTER 2:HISTORICAL EVOLUTION OF LIMITED LIABILITY RULE 13
2.1.Introduction: 13
2.2.The History of the Law of Limited Liability: 14
2.2.1 Ancient Rome: 14
2.2.2 Medieval Italian and Continental Versions of Limited Liability: 15
2.2.3 English Limited Liability: Seventeenth and Eighteenth Centuries: 16
2.2.4 Nineteenth Century English Reforms: 18
2.2.5 American Limited Liability: 21
2.2.6 Other Nations: 23
2.2.7 Managers and Creditors: 23
2.2.8 : Means of Achieving Limited Liability: 24
2.2.9 Express Contracts 24
2.2.10 Becoming Judgment Proof 24
2.2.11 Incorporation and the Use of Other Limited Liability Entities: 25
2.2.12 Subsidiaries and Enterprise Liability: 26
2.2.13Exceptions to Limited Liability: Lifting or Piercing the Veil: 28
2.2.14 Statutory Limits on Liability: 30
2.2.15 Bankruptcy: 31
2.2.16 Limited Liability and the Supply of Capital: 31
2.2.17 Encouraging Risky Investments: 32
2.2.18 Limited Liability in Contract: 34
2.3 EVOLUTION OF NEW BUSINESS VECHICLE: LLP 38
2.3.1 LIMITED LIABILITY PARTNERSHIP: AN OVERVIEW: 39
2.3.2 LLP & BUSINESS: 40
2.4 CONCLUSION 41
Chapter:3.Position in other countries 42
3.1 LLP in UNITED STATES: 43
3.1.1 Emergence of limited liability partnership in the United States: 43
3.1.2 Procedures for setting up limited liability partnership: 45
3.1.3 Eligibility: 46
3.1.4 Scope of liability limitation: 48
3.1.5 Safeguards: 51
3.1.6 Disclosure of limited liability status: 52
3.1.7 Non-fiancial reporting: 53
3.1.8 Preservation of assets in the course of winding-up: 53
3.1.9 Complaints and disciplinary systems: 54
3.1.10 Risk management strategies: 54
3.1.11 Impact: 55
3.2 POSITION IN UNITED KINGDOM: 55
3.2.1 Emergence of limited liability partnership in the United Kingdom: 55
3.2.1 Definition and nature of limited liability partnership in England and Wales: 57
3.2.2 Procedures for setting up limited liability partnership: 58
3.2.3 Eligibility: 59
3.2.4 Statutory requirements for setting up limited liability partnership: 60
3.2.5 Scope of liability limitation: 61
3.2.6 Indirect liability by contribution 63
3.2.7 Liability for one’s own wrongdoings: 63
3.2.8 Liability in the winding up of limited liability partnership: 64
3.2.9 Safeguards: 64
3.2.10 Disclosure of limited liability status : 65
3.2.11 Non-financial reporting: 66
3.2.12 Financial reporting: 67
3.2.13 Preservation of assets in the course of winding up: 68
3.2.14 Complaints and disciplinary systems: 69
3.2.15 Risks management strategies: 69
3.3.POSITION IN SINGAPORE: 70
3.3.1 REASONS FOR INTRODUCING LLPs: 70
3.3.2 NATURE OF AN LLP: 71
3.3.3 FORMATION OF AN LLP: 73
3.3.4 MANAGEMENT OF AN LLP: 74
3.3.5 DISSOLUTION OF AN LLP: 75
3.3.6 TAX TREATMENT OF AN LLP: 76
3.4 CONCLUSION: 77
Chapter:4.LLP in India 78
4.1 Introduction: 78
4.1.1 Vast opportunities: 78
4.1.2 Overall Business Environment 79
4.1.3 New Initiatives : 79
4.2.Legal framework of LLP in India: 82
4.2.1 RATIONALE OF LIMITED LIABILITY PARTNERSHIP: 83
4.3 Various Committee Reports: 84
4.3.1 Recommendations and Critique of Naresh Chandra Committee Report: 85
4.3.2 Recommendations of J.J Irani committee: 92
4.5 Enactment of the new act of limited liability partnership 2008: 95
4.5.1 Constitutional background: 98
4.5.2 Salient Features: 99
4.5.3 Existing business organisations in India and their limitations 106
Disadvantages of partnership Firm: 113
4.6 DISTINGUISHING AN LLP FROM OTHER BUSINESS FORMS: 120
4.6.1 A Comparison between traditional partnership and LLP 121
4.6.2 COMPARISON BETWEEN A COMPANY AND LLP 124
4.7 CONCLUSION: 129
Chapter:5.Indian LLP is a mix of U.K and Singapore model 130
5.1.INTRODUCTION: 130
5.2 LLP in USA, UK, Singapore, Japan and India: A Comparative Study: 131
5.3 CONCLUSION: 147
Chapter:6.Procedural and legal aspect of L.L.P in India 150
6.1.INTRODUCTION: 150
6.2 LEGAL ASPECTS LLP: 150
6.2.1LIABILITY PROVISIONS: 155
6.2.3 FOREIGN LLPS: 157
6.3 Procedure for formation of an LLP: 158
6.4 Tax Provisions on LLP: 164
6.4.1 LLP can claim the following deductions: 167
6.5 CONCLUSION: 169
Chapter: 7.Conclusion 170
BIBLIOGRAPHY 183