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LLP Act broken?

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Will limited liability partnerships (LLPs) actually work, asks Indian Corporate Law Blog, notwithstanding the recent tax changes.

Lead blawger V Umakanth uncovered an interesting academic paper analysising what the Limited Liability Partnership Act could actually mean in practice for lawyers.

One possible conclusion is that, hindered by the Indian Companies Act 1956, it in fact won't do anything to alleviate one of the main reasons for law firms to turn LLP in the first place: breaking through the technical 20 partner limit.

A commenter disagrees with the analysis and writes that the Indian Companies Act's section 11 provides "a carve out for associations 'formed in pursuance of some other Indian law'."

The "some other Indian law" in this case would presumably be the LLP Act, but it remains to be seen how lawyers will interpret (embrace?) the law.

Legally India has currently not had any luck accessing the original article directly (linked to from Indian Corporate Law), but will be sure to read it as soon as it is back on-line.

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