Project Work Of Accountancy And Audit On Limited Liability Partnership

Submitted To:CA Jyotirmoy Chakravortty Faculty Of Accounts And Audit

Submitted By :Kumar Vikram Aditya Roll No. 1023 1st Year B.B.A. LL.B. (Hons)

CERTIFICATE
This is to certify that my Project Work entitled Apply BCG Matrix on any operating unit and project the actions desired from top management in the list of the same. Submitted by MR. KUMAR VIKRAM ADITYA is the record of work carried out during semester-I of First Year B.B.A. Ll.B. Course for the academic year 2013-2018 under my supervision and guidance in conformity with the syllabus prescribed by Chanakya National Law University.

Place: PATNA. Date: GUIDE

Limited Liability Partnership

TABLE OF CONTENTS

Introduction Aims And Objectives Hypothesis Research Methodology Basic Concepts And Limited Liability Partnership Need For Limited Liability partnership Nature and Structure of Limited Liability Partnership Formation of Limited Liability Partnership Incorporation of Limited Liability Partnership Difference between LLPs and a company Salient Features of Limited Liability Partnership ,2008 Tax Provisions on LLP Procedures to Convert To Limited Liability Partnership Introduction of Limited Liability Partnership in India Limited Liability Partnership in India Advantages and Disadvantages Of Limited Liability Partnership Cases Related To LLPs Conclusion Bibliography

INTRODUCTION
The importance of the Partnership Act 1890 in the historical development of partnership law in the United Kingdom is beyond question. Drafted in 1879 and finally enacted in 1890 after much debate and amendment, this seminal piece of Victorian legislation with its "rather limpid prose" and the "deceptive simplicity, born of clear and elegant expression" in which Sir Frederick Pollock clothed its provisions, was intended as partial codification of the considerable number of common law and equitable principles developed by the law courts. It has served as an example for most Commonwealth jurisdictions and has strongly influenced the American Uniform Partnership Act of 1914 (UPA). In fact, in irrespective of the UPA, the Partnership Act has served as a model for more than 30 other partnership Acts and ordinances with implementation dates ranging from 1891 to at least 1981. The Indian law of partnership in India is based on the provisions of the English law of partnership. Until the English Partnership Act of 1890 was passed, the law of partnership even in England was largely based on legal decisions and custom. There were very few acts of parliament relating directly to partnership. The Indian Partnership Act of 1932 (Partnership Act) was the result of a Report of a Special Committee consisting of Shri Brojender Lal Mitter, Sir Dinshaw Mulla, Sir Alladi Krishnaswami Iyer and Sir Arthur Eggar.1 Prior to the enactment of the Partnership Act, the law relating to partnership was contained in Chapter XI (sections 239 to 266) of the Indian Contract Act, 1872 (Contract Act). These provisions contained in the Contract Act were not found adequate. As a result, Chapter XI of the Contract Act was repealed and replaced by the Partnership Act of 1932. The limited liability partnership (LLP) concept originated in the US in the early 90s in unincorporated form. It was inspired by litigation against professional firms that had done work for failed savings and loan associations. Claims against all partners, including many who had nothing to do with the failed associations, were a strong incentive for the development of a mechanism to limit the vicarious liability of partners.3 Following this, it was also adopted in United Kingdom (2000) and now the Naresh Chandra Committee has proposed the same for India. Thus, it is important for us to begin our understanding of Limited Liability Partnership, by knowing some basic concepts.
1

Law Commission of India, 178th Report, 2001, Recommendations for amending various enactments, both Civil & Crimilan

AIMS AND OBJECTIVES

The researcher prime objective is to validate the significance of Limited Liability Partnership. It aims to what is Limited Liability Partnership ,what limited liability partnership act was passed, emergence of limited liability partnership legislation, features of limited liability partnership act who can be partner to limited liability partnership and their rights and duties. The researcher is going to limit its scope to limited liability partnership its background and present advancement and scenario in India it will also discuss about the taxation aspect of limited liability partnership. It will also aim to critically analyze the trend advancement and position of the limited liability partnership.

HYPOTHESIS
LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name .The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partners wrongful business decisions or misconduct. Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity.

RESEARCH METHODLOGY
The various books, various articles, websites and newspaper are referred for this topic. The sources from which the material for this research collected are secondary. So the methodology used in the research has been Doctrinal. No non-doctrinal method has been used by the researcher in this project work.

BASIC CONCEPTS AND LIMITED LIABILITY PARTNERSHIP

Partnership:Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.2 Under the Indian Partnership Act, 1932, every partner is jointly and severally liable for all the acts of the firm.3 Types of partnership:-

1. General Partnership A general partnership is formed when two or more people intend to work together to carry on a business activity. It is the most common form of partnership. The distinguishing feature of a partnership is the unlimited liability of the partners. Each partner is personally liable for all of the debts of the partnership. That includes any debts incurred by any of the other partners on behalf of the partnership. Any one partner is able to bind the partnership by entering into a contract on behalf of the partnership.

2. Joint Venture Another form of General Partnership. But, most Joint Venture Agreements state that the participants are not partners and exclude liabilities of partnership.

3. Limited Partnership A limited partnership consists of one or more general partners and one or more limited partners (Section 50). It is created by filing a specified certificate under the Partnership Act. It requires a written partnership agreement. The general partner is responsible for the management of the affairs of the partnership, and he has unlimited personal liability for all debts and obligations. Limited partners have no personal liability. The limited partner stands to lose only the amount which he has contributed and any amounts which he has obligated himself to contribute under the terms of the partnership agreement. The Limited Partners have no personal liability unless they participate in the management. The General Partner signs for the Limited Partnership if granted authority to do so under the Partnership
2 3

Sec. 4, The Indian Partnership Act, 1932 Sec. 25, The Indian Partnership Act, 1932

Agreement. (Section 78 (3)).It used most frequently for time limited single purpose ventures and tax shelters where flow through of gains and losses for tax purposes is important.

4. Limited Liability Company A limited liability company, commonly called an "LLC," is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. The main difference between a Limited Liability Partnership or LLP and a limited liability company is that a Limited Liability Partnership has the organisational flexibility of a partnership and is taxed as a partnership. In other respects it is very similar to a company.

5. Limited Liability Partnership It is created by Registration (Section 96). It may be provincial or extra-provincial. Most other aspects of the Partnership Act apply to LLP (but this is misleading as it is really like a company). Similar to LLCs in U.S. jurisdictions flow though entities for tax purposes. Has many of the characteristics of a limited liability company. Limited liability partnership concept was introduced in order to adopt a corporate form, which combines the organizational flexibility and tax status of partnership with advantage of limited liability for its partners. LLP is a body corporate formed and incorporated under the LLP Act, which is a distinct legal entity separate from that of its partners. Introducing LLPs, as a new business structure would fill the gap between business firms such as sole proprietorship and partnership, which are generally unregulated and Limited Liability Companies, which are governed by the Companies Act, 1956. In addition to an alternative business structure, LLPs would foster the growth of the services sector. The regime of limited liability partnership will provide a platform to small and medium enterprises and professional firms of Company Secretaries, Chartered Accountants, Advocates etc. to conduct their business/ profession efficiently which would in turn increase their global competitiveness. As per the international experiences of the countries like UK and USA, and of the recommendations of the various corporate law reforms committee (Naresh Chandra Committee 2003, JJ Irani Expert Committee on Company Law 2005) the long and eagerly awaited Limited Liability Partnership Bill 2006 was tabled in Rajya Sabha on 15th December 2006. The Bill, introduced by the Ministry of Company Affairs, is viewed as a path-breaking reform initiative. This research article highlights , the Genesis of the LLP in Indian environment, main provisions of the LLP Bill, some taxation and accounting issues related with LLP.

NEED FOR LIMITED LIABILITY PARTNERSHIIP

With the growth of the Indian economy, the role played by its entrepreneurs as well as its technical and professional manpower has been acknowledged internationally. It was felt opportune that entrepreneurship, knowledge and risk capital combine to provide a further impetus to India's economic growth. In this background, the need was felt for a new corporate form that would provide an alternative to the traditional partnership, with unlimited personal liability on one hand, and statute based governance structure of the limited liability company on the other, in order to enable professional expertise and entrepreneurial initiative to combine, organize and operate in flexible, innovative and efficient manner. It was felt that the Companies Act, 1956 is not suited to the liability and governance structure intended for LLPs. The LLP Act is intended to remove the gulf which exists between a company governed by the Companies Act and a general partnership

NATURE AND STRUCTURE OF AN LLPs

It gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. The LLP, however, is not relieved of the liability for its other obligations as a separate entity. LLP is a hybrid between a company and a partnership.

FORMATION OF THE LLP

The Act has defined `limited liability partnership' to mean a partnership formed and registered under this Act. This stipulates two requirements:-A partnership; and The need for its registration. Thus, the registration of the LLP has been made compulsory under the proposed Act. Clause 3 of the Act provides that a limited liability partnership is a body corporate formed and incorporated under this Act and which has legal entity separate from that of its partners; and which has perpetual succession; and any change in the partners of a limited liability partnership shall not affect the existence, rights or liabilities of the limited liability partnership. Since the LLP would be a partnership having distinct legal identity and, thus, be a body corporate, the provisions of the Indian Partnership Act 1932 would not be applicable to LLPs

INCORPORATION OF LLP

Sections 11 and 12 of the Act contain the provisions concerning the formation and incorporation of an LLP. An LLP may be incorporated by two or more persons associated to carry on a lawful business with a view to profit and shall have subscribed their names to an incorporation document. The registering authority will be the Registrar of Companies under the Companies Act. The RoC would register the incorporation document and issue a certificate of incorporation within fourteen days on completion of all formalities specified under the Act. After incorporation, every LLP shall ensure that its name, address of its registered office, registration number and a statement that it is registered with limited liability is mentioned on all its invoices, official correspondence and publications. Section 13 confers the status of an incorporated body.

Accordingly, the LLP shall, by its own name, have the power of :- Suing and being sued; Acquiring, owning, holding and developing or disposing of property, both movable and immovable; Having a common seal; and Doing and suffering such other acts and things as bodies corporate may lawfully do and suffer.

DIFFERENCE BETWEEN LLPs AND A COMPANY

A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 1956) whereas for an LLP it would be by a contractual agreement between partners. The management-ownership divide inherent in a company is not there in a limited liability partnership. LLP will have more flexibility as compared to a company. LLP will have lesser compliance requirements as compared to a company.

SALIENT FEATURES OF THE LLP ACT 2008

The LLP shall be a body corporate and a legal entity separate from its partners. Any two or more persons, associated for carrying on a lawful business with a view to profit, may by subscribing their names to an incorporation document and filing the same with the Registrar, form a Limited Liability Partnership . The LLP will have perpetual succession;

The mutual rights and duties of partners of an LLP inter se and those of the LLP and its partners shall be governed by an agreement between partners or between the LLP and the partners subject to the provisions of the LLP Act 2008. The act provides flexibility to devise the agreement as per their choice. In the absence of any such agreement, the mutual rights and duties shall be governed by the provisions of proposed the LLP Act;

The LLP will be a separate legal entity, liable to the full extent of its assets, with the liability of the partners being limited to their agreed contribution in the LLP which may be of tangible or intangible nature or both tangible and intangible in nature. No partner would be liable on account of the independent or un-authorized actions of other partners or their misconduct. The liabilities of the LLP and partners who are found to have acted with intent to defraud creditors or for any fraudulent purpose shall be unlimited for all or any of the debts or other liabilities of the LLP;

Every LLP shall have at least two partners and shall also have at least two individuals as Designated Partners, of whom at least one shall be resident in India. The duties and obligations of Designated Partners shall be as provided in the law;

The LLP shall be under an obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A statement of accounts and solvency shall be filed by every LLP with the Registrar.

The Central Government have powers to investigate the affairs of an LLP, if required, by appointment of competent Inspector for the purpose; The compromise or arrangement including merger and amalgamation of

LLPs shall be in accordance with the provisions of the LLP Act 2008;

The winding up of the LLP may be either voluntary or by the Tribunal to be established under the Companies Act, 1956. Till the Tribunal is established, the power in this regard has been given to the High Court;

The LLP Act 2008 confers powers on the Central Government to apply provisions of the Companies Act, 1956 as appropriate, by notification with such changes or modifications as deemed necessary. However, such notifications shall be laid in draft before each House of Parliament for a total period of 30 days and shall be subject to any modification as may be approved by both Houses.

The Indian Partnership Act, 1932 shall not be applicable to Limited Liability Partnerships.

PROCEDURE TO CONVERT TO LIMITED LIABILTY PARTNERSHIP

TAX PROVISIONS FOR LLPs

As per the Budget 2009-10, LLP will be treated as Partnership firms for the purpose of Income Tax and will be taxed like a partnership firm. Change in Definition of Firm, Partner & Partnership. The Budget 2009-10 has amended the definition of Firm and Partners in the following manner: a) Firms shall have the meaning assigned to it in the India Partnership Act 1932 and shall include a limited liability Partnership as defined in the Limited Liability Partnership Act 2008. b) Partner shall have the meaning assigned ot it in the Indian Partnership Act 1932 and shall include: Any person, being a minor, has been admitted to the benefits of partnership ; and A partner of a limited liability partnership as defined in the Limited Liability Partnership Act 2008. c) Partnership shall have the meaning assigned to it in the India Partnership Act 1932 and shall include a limited liability partnership as defined in the Limited Liability Partnership Act 2008. Tax rate: 30% flat tax rate + 3% education cess, no surcharge No Minimum Alternate Tax & Dividend Distribution Tax Eligibility (section 184): In order for Limited Liability Partnership to be assessed as firm as Income Tax Act, it has to satisfy the following criteria _ The LLP is evidenced by an instrument i.e. there is a written LLP Agreement. _ The individual shares of the partners are very clearly specified in the deed. _ A certified copy of LLP Agreement must accompany the return of income of the LLP of the previous year in which the partnership was formed.

_ If during a previous year, a change takes place in the constitution of the LLP or in the profit sharing ratio of the partners, a certified copy of the revised LLP Agreement shall be submitted along with the return of income of the previous years in question. _ There should not be any failure on the part of the LLP while attending to notices given by the Income Tax Officer for completion of the assessment of the LLP. LLP can claim the following deductions:_ Interest paid to partners, provided such interest is authorised by the LLP Agreement. _ Any salary, bonus, commission, or remuneration (by whatever name called) to a partner will be allowed as a deduction if it is paid to a working partner who is an individual. _ The remuneration paid to such working partner must be authorised by the LLP Agreement and the amount of remuneration must not exceed the given limits When section 184 is not complied with, the consequence is that no deduction towards interest and remuneration is allowed. This is the mandate of the section 185. Steps for Computation of taxable income of a LLP:_ Find out the firms income under the different heads of income, ignoring the prescribed exemptions. The heads of income are: Income from House Property Profits and Gains of Business or Profession Capital Gains Income from other sources including interest on securities, winnings from lotteries, races, puzzles, etc. ('Salary' income head is not included) _ The payment of remuneration and interest to partners is deductible if conditions of section 184 and section 40(b) of the Income Tax Act are satisfied. Any salary, bonus,commission or remuneration which is due to or received by partners is allowed as a deduction from income of the partnership firm and the same is taxable in the hands of partners. _ Make adjustments on account of brought forward losses/ disallowances of interests, salary, etc paid by firm to its partners. The total income so obtained is the "gross total income".

_ From the "gross total income", make the prescribed deductions and the balancing amount is the "net income" of the firm.

INTRODUCTION OF LIMITED LIABILITY PARTNERSHIP IN INDIA

The framework of laws & rules dealing with the Limited Liability Partnership (LLP) are contained in the Limited Liability Partnership Act, 2008 (the LLP Act) and the Limited Liability Rules, 2009 (the LLP rules). The Income Tax Act, 1961 was amended by the Finance Act, 2008 and the Finance Act, 2010 to provide for the framework of Taxation of LLPs. The Salient Features of a Limited Liability Partnership (LLP) are :-

LIMITED LIABILITY PARTNERSHIP IN INDIA

In an increasingly litigious market environment, the prospect of being a member of a partnership firm with unlimited personal liability is, to say the least, risky and unattractive. In India, some bodies of professionals have been prohibited from practicing under an incorporated form. E.g. Development of legal profession in India has been restricted in India on account of the number of impediments in the current regulatory system which hinders Indian law firms from competing effectively against foreign firms.15 This would hamper the growth of Indian Law Firms in comparison to the Foreign Law Firms once the Legal Sector is opened. The general partnership or partnership simpliciter has traditionally been the entity of choice to provide services by professionals such as lawyers, accountants, doctors, architects, and company secretaries. The unlimited liability of general partnerships under the Indian Partnership Act 1932 has become a cause for concern in the light of increase in the incidence of litigation for professional negligence, the size of the claims and the risk to a partner's personal assets when a claim exceeds the sum of the assets of the partnership. The idea that LLPs should be introduced in India was mooted in the Report of the Naresh Chandra Committee on Regulation of Private Companies and Partnership and the May 2005 Report of the Expert Committee on Company Law (J. J. Irani Committee). In response, on November 2, 2005, the Ministry of Company Affairs in the Government of India circulated a concept paper on LLPs with a view to stimulating public debate over ideas which will be incorporated in the proposed Limited Liability Partnership Bill (the "Bill"). The proposed Bill is drafted on the lines of the United Kingdom's Limited Liability Partnerships Act 2000.18

ADVANTAGES AND DISADVANTAGES OF LIMITED LIABILITY PARTNERSHIP

ADVANTAGES

1. The main advantage of LLP is that limited partners do not take on personal liability for the obligations of the entire partnership, but only to the extent of the money contributed to the firm by such partners. Whereas, under Sec. 25 of the Indian Partnership Act, a partner is jointly and severally liable. 2. Further, a partners liability is not limited when the misconduct is attributable to him or to an employee under the supervision or control of that partner. An LLP only protects a partner, other than a general partner from the liability arising from the misconduct or personal acts of other partners. 3. The members of an LLP would have the option to have a general partner or more with unlimited liability, but it would not shield the partners from legal liability arising out of their own personal acts which are not done for and on behalf of the LLP, that is, any act done beyond the acts and powers of the partners as laid down in the incorporation document. 4. The main benefit in an LLP is that it is taxed as a partnership, but has the benefits of being a corporate, or more significantly, a juristic entity with limited liability. 5. An LLP has the special characteristic of being a separate legal personality distinct from its partners. 6. Sec. 11 of the Companies Act bars the formation of a partnership consisting of more than 20 persons. But in a Limited Liability Partnership, a minimum of two partners is required.

DISADAVANTAGES

1. Though good in parts, the implementation of this concept may give rise to certain tricky issues. How would one prove that a particular partner is responsible for an act of felony? This would give rise to disputes amongst the partners themselves. In a situation wherein there are two or more joint auditors who have signed a problem balance sheet, to whom would one pin the responsibility? Even if we say that a partner would only be liable for his acts, how can one distinguish which partner has done which act ? The main problem will arise is to where should one draw the line ? These are big issues which need to be resolved before implementing or allowing firms to form LLPs. 2. Even if the allocation of work amongst the auditors is as clear as crystal, disputes would be inevitable. Since the LLPs are proposed to disclose financial information a la a private limited company, a separate format of financial statements would need to be devised. Provisions relating to authorised capital, stocks, and so on, would be irrelevant in a professional firm. With the new-age insurance companies offering a slew of innovative insurance products, it may not take a long time before a comprehensive policy is devised that protects all risks for a partnership. A partner being held responsible to the extent of his contribution in the case of a felony is bad enough for him. 3. But the situation is not that bad after all. If the Partnership Act is amended to permit unlimited partners, clauses in the partnership deed fit together limited liabilities of the partners, there is an insurance policy that covers all business risks associated with a partnership and corporate governance practices are introduced for partnerships above a predefined size, would then there be a requirement for a separate law relating to LLPs? Your guess is as good as mine.

CASES RELATED TO LIMITED LIABILITY PARTNERSHIP

1. Megadyne Information Systems v. Rosner, Owens & Nunziato, The plaintiff sued a law firm LLP and its partners for malpractice and breach of fiduciary duty. The court granted the defendants summary judgment on the malpractice claim but determined there were fact issues regarding a breach of fiduciary duty claim. The breach of fiduciary duty claim was premised on alleged misrepresentations by the firm to the plaintiff that the plaintiff had a viable claim against the Orange County Transportation Authority (OCTA) when the firm knew that limitations had run on the claim and the firms continued representation and receipt of fees for worthless legal representation. The court also determined that there were fact issues relating to the personal liability of the partners. The court cited the California LLP provisions for the proposition that partners in an LLP do not have vicarious liability for the torts of another partner, and the court stated that the plaintiff could only hold a partner liable who was involved in the handling of the matter. All three partners claimed that one of them was the sole attorney who handled the matter and that the other two had no involvement. However, the court found there were fact issues as to the involvement of the other two. The fact issues were raised by the admittedly-involved attorneys testimony that there might have been discussions with the other two partners that the plaintiff had a viable malpractice claim against the lawyers that had previously represented the plaintiff on their claim against OCTA. The court said these discussions could support an inference that the partners knew the plaintiffs claim against OCTA was timebarred and that they participated in the decision not to tell the plaintiff while the firm continued its representation. In addition, the name of one of the partners who claimed he was not involved appeared on the caption page of the claim filed with OCTA, suggesting his involvement in the case. 2. Schaufler v. Mengel, Metzger, Barr & Company, LLP, Apparently confusing LLP with limited partnership in stating that defendants had submitted insufficient evidence to establish that managing partner of accounting firm had no liability as a matter of law on buy-out agreement negotiated with plaintiff partner because the limited partnership act imposes joint and several personal liability on a general partner and on a limited partner who participates in the control of the business).

3. Williams v. Natural Life Health Foods Ltd The extent to which an individual member or employee of the LLP will be liable in tort for his or her own misstatements is in some doubt. The case is related to a limited company and the House of Lords held that the director of the company would only be liable in negligence if: (a) he or she assumed personal responsibility for the advice; and (b) the claimant relied on this assumption of responsibility, and (c) the claimants reliance on this assumption of responsibility was reasonable. Thus, individuals in an LLP will not incur liability in tort except in exceptional cases.

CONCLUSION
LLPs have been in trend in various other countries such as UK, USA, Australia, Singapore etc. It is a form of business entity, which allows individual partners to be restricted from joint liability of partners in a partnership firm. At present, this LLP bill is in form of mini companies act. The Liability of the partners incurred in the normal course of business is that of LLP and it does not extend to the personal assets of the partners. This is a great relief to the partners, particularly professionals like Company Secretaries, Chartered Accountants, Cost Accountants, Advocates and other professionals. These professionals may also form multi-disciplinary LLPs to meet the changing economic environment. The Government of India should create a facilitating environment for entrepreneurs, service providers and professionals to meet the global competition. Along with that, it is necessary to made suitable changes in the provisions of income tax related with the taxations issues, because taxation is one the major motivational factor other then limited liability for the partners of LLPs. LLP is a hybrid creature but based substantially on the corporate model. English partnership law does not currently confer legal personality on a partnership Thus, once it was decided to create the LLP as a separate legal person the corporate model was the obvious solution. There is one limit to the application of the corporate model, however, in that, given the absurdity of a one person partnership of any form, it is not possible to have a single member LLP. Since it appears that otherwise there is no legal reason why a single member LLP should not exist, the resulting paradox in itself reprises the basic conflict in using company law to regulate what is called a partnership. The introduction of LLPs in India is a good beginning towards a long journey. The hybrid structure of LLP will facilitate entrepreneurs, service providers and professionals to organize and operate in an innovative and efficient manner for effectively competing in the global market.

BIBLIOGRAPHY

WEBSITES:1. www.docstoc.com/docs/12884437/Presentation---Limited-Liability-Partnership-Act Accessed on 03/10/2013 at 20:18 IST 2. www.llponline.in/what_is_llp.php Accessed on 03/10/2013 at 21:17 IST 3. http://www.mca.gov.in/ Accessed on 04/10/2013 at 16:48 IST BOOKS:1. D.S.R. Krishnamurti, Law Relating to Limited Liability Partnership,2nd Edition, Taxmanns Publication. 2. K.S.Ravichandran, The LLP Law In India, 1st Edition, AIR 3. The Indian Partnership Act, 1932 4. The Limited Liability Partnership Act, 2000 5. The Companies Act, 1965 (Act 1 of 1965)

Reports and Papers:1. J. J. Irani Committee 2. Naresh Chandra Committee on Regulation of Private Companies and Partnership

Cases
1. Ashok Transport Agency v. Awadhesh Kumar 1998(5) SCALE 730 (SC). 2. Barr & Company, Williams v. Natural Life Health Foods Ltd 3. CIT v. A W Figgies - AIR 1953 SC 455, 4. CIT v. G Parthasarthy Naidu (1999) 236 ITR 350 5. Megadyne Information Systems v. Rosner, 6. Owens & Nunziato Schaufler v. Mengel, Metzger, 7. State of Punjab v. Jullender Vegetables Syndicate - 1966 (17) STC 326 (SC),