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June 1, 2011

Government allows Indian firms to adopt LLP

Indian firms will now be able to adopt a limited liability partnership (LLP) ownership structure after the government rubber stamped the move.

The long awaited move will enable firms to form large partnerships of professionals, including those from outside the accountancy field.

Accountancy firms will be able to employ additional chartered accountants and partners exceeding the current cap that was set at 20 professionals per firm.

The LLP structure is expected to be widely embraced by firms as it will allow them greater access to capital and the sharing of liability across a partnership. Firms will also be able to tap into a broader skills set.

The Indian government has also given the green light for LLPs in the mining, power, roads and highways, manufacturing activities, drugs and pharmaceuticals sector.

 

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