Академический Документы
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Культура Документы
Bhamini Garg
Department of Commerce
Satyawati College, University of Delhi
Delhi, India
Department of Commerce
Satyawati College, University of Delhi
Delhi, India
I.
INTRODUCTION
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IRACST International Journal of Commerce, Business and Management (IJCBM), ISSN: 23192828
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II.
LITERATURE REVIEW
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IRACST International Journal of Commerce, Business and Management (IJCBM), ISSN: 23192828
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IRACST International Journal of Commerce, Business and Management (IJCBM), ISSN: 23192828
Vol. 3, No. 5, October 2014
IX. SUGGESTIONS
Steps to be made to widen its scope beyond professionals
and small scale businesses
In order to keep a check on unlawfulness, the law may
require the LLP to prepare the financial statements
prepared as per the prescribed accounting standards. This
will render them more accountable towards their duties.
Proper systems to be set up to check that the partners must
be licensed members of an approved profession before
they can set up their own business as an LLP as it
involves the concept of Liability Protection.
Guidelines as regards LLP to obtain adequate liability
insurance coverage for each of its partners and also to
ensure LLP have adequate assets to satisfy potential
claims.
Appropriate safeguards in the legislation to be provided to
maintain a balanced approach towards adoption of legal
regime for LLPs.
In the event of winding up, LLPs must make
arrangements with one or more banks or insurance
companies to pay a certain sum to the person responsible
for winding up of LLP upon its dissolution, for the
benefits of its creditors.
X. CONCLUSION
After globalization, Indian professionals are able to serve
worldwide. They cannot serve in form of company because of
professional restrictions and moreover they hesitate to form
Partnerships due to number of reasons. In the wake of same,
LLP would be a suitable vehicle for partnership among
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