An overview of Limited Liability Partnership in India>The limited liability partnership was formed in the early 1990s in United States in the consequence of the collapse of real estate and energy prices in Texas in the 1980s.This collapse led to a large wave of bank and savings and LOAN failure .Because the amounts recoverable from the banks were small,efforts were made to recover assets from the lawyers and accountants who had advised the banks in the early 1980s.The reason was that partners in law and accounting firms were subject to the possibility of huge claims which would bankrupt them personally , and the first LLP laws were passed to shield innocent members of these partnership from liability................and so this kind of act now INDIA started to follow.
Posted on: Fri, 14 Mar 2014 05:08:04 +0000