Limited Liability Partnership Bill taken in RS

New Delhi, Dec 15: A Bill providing for the formation and regulation of limited liability partnership firms was introduced by Union Company Affairs Minister Prem Chand Gupta in the Rajya Sabha today.

The Limited Liability Partnership Bill, 2006 has many of the features of a normal partnership, but offers reduced personal responsibility for business debts.

The proposed Act would benefit small and medium scale enterprises more than large companies because a partnership would help them reap the benefits enjoyed by private limited companies.

Experts and professionals have long beendemanding the legislation, that is widely prevalent in the West, as it seeks to restrict the liabilities and responsibilities thrust on all partners of the company equally.

UNI