ABC of LLP

Part 1 - The Limited Liability Partnership Act, 2008

Introduction of Limited Liability Partnerships                                         

• Chapter 1 - Preliminary (Sections 1 to 2)                                              
• Chapter 2 - Nature of LLP [Sections 3 to 10 (Relevant Rules 7 to 9)]           
• Chapter 3 - Incorporation of LLP and matters incidental thereto [Sections 11 to 21 (Relevant Rules 11 to 20)]                                                                              
• Chapter 4 - Partners and their Relations [Sections 22 to 25 (Relevant Rules 21 to 22)]    
• Chapter 5 - Extent and Limitation of Liability of LLP and Partners [Section 26 to 31]       
• Chapter 6 - Contributions [Section 32 to 33 (Relevant Rules 23)]    
• Chapter 7 - Financial Disclosures [Section 34 to 41 (Relevant Rules 24 to 26)]      
• Chapter 8 - Assignment and Transfer of Partnership Rights [Section 42]    
• Chapter 9 - Investigation [Section 43 to 54 (Relevant Rules)]           
• Chapter 10 - Conversion of Partnership Firm, Private Limited & Limited Company into LLP [Section 55 to 58 (Relevant Rules 32-33)]                                      
• Chapter 11 - Foreign LLP [Section 59 (Relevant Rule-34)]                  
• Chapter 12 - Compromise, Arrangement or Reconstruction of LLP [Section 60 to 62 (Relevant Rule-35)]                                                                                        
• Chapter 13 - Winding-up and Dissolution [Section 63 to 65 (Relevant Rules)]         
• Chapter 14 - Miscellaneous [Section 66 to 81]                                       

• First Schedule: Provisions Regarding Matters Relating to Mutual Rights and Duties of Partners and Mutual Rights and Duties of LLP and its Partners Applicable in the Absence of any Agreement on Such Matters                                               
• Second Schedule: Conversion from Firm into LLP                               
• Third Schedule: Conversion from Private Company into LLP             
• Fourth Schedule: Conversion from Unlisted Public Company into LLP          

Part 2 - The Limited Liability Partnership Rules, 2008

• Chapter 1 - Preliminary (Rules 1 to 6)                                                  
• Chapter 2 - Nature of Limited Liability Partnership [Rules 7 to 9]    
• Chapter 3 - Designated Partners Identification Number [Rule 10]    
• Chapter 4 - Incorporation of Limited Liability Partnership [Rules 11 to 20]           
• Chapter 5 - Partner and their Relation [Rules 21 to 22]                     
• Chapter 6 - Form of Contribution [Rule 23]                                         
• Chapter 7 - Financial Disclosures [Rules 24 to 26]                              
• Chapter 8 - Destruction of Old Records [Rule 27]                                
• Chapter 9 - Investigation [Rules 28-31]                                                
• Chapter 10 - Conversion to Limited Liability Partnership [Rules 32-33]        
• Chapter 11 - Foreign Limited Liability Partnerships [Rule 34]            
• Chapter 12 - Compromise, Arrangement or Reconstruction of LLP [Rule 35]           
• Chapter 13 - Electronic Filing of Documents [Rule 36]                         
• Chapter 14 - Striking Name of Defunct LLP [Rule 37]                           
• Chapter 15 - Conversion from Firm to LLP [Rule 38]                           
• Chapter 16 - Conversion from Private Limited Company to LLP [Rule 39]    
• Chapter 17 - Conversion from Unlisted Public Company to LLP [Rule 40]     
• Chapter 18 - Compounding of Offence [Rule 41]                                   

• Annexure A - Detail of Fees payable                                                         
• Annexure B - Detail of Documents to be Retained Permanent               
• Annexure C - Detail of the period for which Documents shall  be retained           
• Annexure D - Particular of Documents Relating to LLP