Cabinet approves Limited Liability Partnership Bill,2008

New Delhi, May 1 (UNI) The Cabinet today approved the introduction of a Limited Liability Partnership (LLP) Bill, 2008 in Parliament by replacing the Limited Partnership Bill, 2006.

Finance Minister P Chidambaram told reporters here that the proposed Bill would facilitate creation of another corporate structure which would further enable growth of the economy.

He said the Bill was earlier approved by the Cabinet on December 7, 2006 and was introduced in the Rajya Sabha on December 15, 2006.

It was later referred to the Department Related Parliamentary Standing Committee on Finance for examination and report. The committee submitted its report to both Houses of Parliament on November 27, 2007, recommending some changes along with some suggestions regarding the LLP Bill, 2006, he added.

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