INCORPORATION OF A LIMITED LIABILITY PARTNERSHIP IN INDIA

In recent years, Indian businesses have seen a significant rise in the formation of Limited Liability Partnerships (''LLPs"). Combining the flexibility of a partnership with the limited liability protection of a company, LLPs have become a favored choice for entrepreneurs and professionals. An LLP is a hybrid business structure that merges the flexibility of a partnership firm with the benefits of limited liability for its partners. It operates as a separate legal entity, ensuring that the partners' personal assets are protected from the business's liabilities.

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INSOLVENCY AND BANKRUPTCY CODE

The Insolvency and Bankruptcy Code (“IBC”) was enacted in 2016 to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner. The primary objective of the IBC is to promote entrepreneurship, availability of credit, and balance the interests of all stakeholders.

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