Preface

The concept of Limited Liability Partnership was first introduced in India in the year 2008 with an objective of providing an alternate business vehicle to the industry. The aim of the Government was to provide such a business vehicle that would have hybrid benefits of a Limited Liability as that of a Company and at the same time have the flexibility of a Partnership Firm. The concept received a timid response initially. Several short comings were present in the LLP Act of 2008, which hindered the smooth adaption of this business vehicle. The original LLP Act consisted of several provisions which were not welcomed by the Industry. These provisions related to offences and penalties, imposition of higher late/additional fees, no distinction between small and other LLPs, difficulties in closure of LLPs, etc. However, with passage of LLP (Amendment) Act, 2021 (effective from 1-4-2022) the government ensured that the existing shortcomings of the LLP Act were removed immediately. With these latest amendments in place, it is expected that the LLP as a business vehicle, would become a preferred Business Vehicle over the 'company' form in the times to come.

This Book titled "LLP--Law and Practice" is a comprehensive Book on the above mentioned subject and is divided into three major Parts.

Book 1 consists of a handy 'Ready Referencer' providing for a Compliance Calendar for LLP's. It provides Fee Structure and the Statutory Period for Preservation of Documents by the LLP's. In addition, it also informs the Income Tax rates and return applicable to a Limited Liability Partnership.

Book 2 includes the Law and Practice applicable to LLPs in a comprehensive manner. It is divided into Twelve Parts each Part dealing at length on a particular topic of LLP. These parts cover in its entirety, every aspect of LLP starting from incorporation of LLP's till their closure and also include Conversion of LLP's, Liability of Partners, Contribution by Partners, Designated Partners, Accounts and Audit of LLP's and Filing of Returns. Further, it deals with Compromise, Arrangement and Investigation of LLP's. A specific Part is dedicated to Foreign LLP's. Offences by LLP's, Penalties and it's Compounding are discussed at length. NCLT and NCLAT also find place in this Part.

In addition, this part provides as the icing on the cake, all important Drafts of the LLP Agreements, Supplementary Agreements, Business Clauses and all important Procedures and Forms for Practice support.

Book 3 provides for the latest amended Bare Act and Rules. The LLP Act, 2008 and LLP Rules as amended till date form part of this Book.

The present Book is almost a complete package on LLP's, aiming to present the totality of the desired material on LLP's at one place. In view of detailing and lucid presentation of the Subject matter, it aspires to cater to the requirements of every Professional dealing with or involved in managing LLP's.

We look forward to receiving comments and criticisms from the readers as it would improve our editorial efforts and our forthcoming products.

1st June, 2022	CS. AMIT BAXI
Jodhpur