New Delhi, Dec. 12 (ANI): Parliament passed the Limited Liability Partnership (LLP) Bill 2008 here on Friday. The Lok Sabha today gave its assent to the Bill which was earlier passed by the Rajya Sabha.
Replying to the debate on the Bill in the Lok Sabha, Minister for Corporate Affairs Prem Chand Gupta expressed the hope that the first ever LLP in the country would be registered by the first day of the new Financial Year i.e. 1.4.2009.ccording to an official statement, Gupta informed the House that concept LLP Rules have already been placed on his ministry''s website.
Gupta also assured the House that registration of LLPs would be a paperless affair, as it will also be covered under MCA-21 e-governance program of the Ministry.
Regarding taxation, he said that as the matter relates to the Finance Ministry, this concern would be taken care of by that Ministry. But, he assured the House that Indian LLPs will in no way be put to any disadvantage and "our LLPs will have a level playing field with other similar bodies outside the country."
The LLP is a new corporate form that enables professional expertise and entrepreneurial initiative to combine, organize and operate in an innovative and efficient manner.
For a long time, a need has been felt to provide for a business format that would combine the flexibility of a partnership and the advantages of limited liability of a company at a low compliance cost. (ANI)
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