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Limited Liability Partnership (A New Business Vehicle for Indian MSMEs)

Author

Listed:
  • Sanjay Rautela

    () (Dy. General Manager, National Small Industries Corporation Ltd., Indore.)

  • Dr. Kusum Lata Rautela

    () (Reader, Dr. Shadi Lal College of Education, Meerut.)

Abstract

In sole proprietorship/partnership firms, the liability of Proprietor/partners is unlimited. They have the exposure of their personal assets being appropriated & liquidated to meet proprietorship/ partnership dues. In case of companies the liability of promoter is limited. So, a need was felt for a new corporate form with operational flexibility on the one hand, and corporate personality as well as limited liability on the other. The LLP form of business is prevalent in many parts of the world including USA,UK, Canada, Germany, China, Singapore etc. LLP is a body corporate and a legal entity separate from its partners. Any two or more persons/ corporate may form a Limited Liability Partnership. No partner would be liable on account of the independent or un-authorized actions of other partners or their misconduct. Any firm, private company or an unlisted public company is allowed to be converted into LLP in accordance with the provisions of the Act.

Suggested Citation

  • Sanjay Rautela & Dr. Kusum Lata Rautela, 2010. "Limited Liability Partnership (A New Business Vehicle for Indian MSMEs)," Journal of Commerce and Trade, Society for Advanced Management Studies, vol. 5(1), pages 66-69, April.
  • Handle: RePEc:jct:journl:v:5:y:2010:i:1:p:66-69
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    File URL: http://www.jctindia.org/april-2010-v-5-i-1/april-10-v-5-i-1-jct-9.pdf
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    More about this item

    Keywords

    stress; employee attraction; pressure; turnover; retention strategies;

    JEL classification:

    • A0 - General Economics and Teaching - - General
    • C0 - Mathematical and Quantitative Methods - - General

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