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4 Issue 3 Int'l J.L. Mgmt. & Human. 4584 (2021)
The Era of Limited Liability Partnership

handle is hein.journals/ijlmhs11 and id is 4622 raw text is: International Journal of Law) Management & Humanities The Era of Limited Liability Partnership SUVANSH MAJMUDARI ABSTRACT The research involves a study in the partnership concept as well as the evolving concept of limited liability partnership. It includes a study of a partnership firm and how it is registered or what are the effects of the non- registration of the firm, how is it is dissolved with special reference to the provisions of THE INDIANPARTNERSHIP ACT 1932. The study further Involved the evolving concept of the limited liability partnership firm and the further research regarding the topic which led us to know the origin of the concept, the governing act of this model in India, the rights and duties, what were the application of the concept in the world. The paper also helped in exploring the process of registration of an LLP firm and how it is winded up in India according to the provisions. Keywords: Partnership, Partnership Act, Limited Liability Partnership, Limited Liability Partnership Act. I. INTRODUCTION TO PARTNERSHIP Partnership in the general sense means when 2 or more than 2 persons come together for some common purpose. India is currently evolving on the wide principle of partnership dayby-day and the legal fraternity has a major role in this. Generally, these partnership leads to a large number of people coming together and sharing of profits and losses in a decided ratio. To say according to the governing act of the partnership act-THE INDIAN PARTNERSHIP ACT 1932 ,Partnership is the relation between persons who have agreed to share the profits business carried on by all or any of them acting for al/2. The relations of partners arise from a specific contract between them and not from the status of each partner3. Partners generally come up together to conduct a . business, a business includes every trade, occupation & profession4. Partnership generally leads to division of profit and losses, enhanced risk bearing capacities, better decision making processes, long term continuity of the business, ease of formation & closure if the firm and more capital being invested in the firm as 1 Author is a student at Amity Law School Noida, Amity University Uttar Pradesh, India. 2 Section 4 of the INDIAN PARTNERSHIP ACT 1932 3 Section 5 of the INDIAN PARTNERSHIP ACT 1932 4 Section 2 (b) of the INDIAN PARTNERSHIP ACT 1932 © 2021. International Journal of Law Management & Humanities [ISSN 2581-5369] 4584 [Vol. 4 Iss 3; 4584]