A Limited Liability Partnership i.e. LLP is a partnership where some or all the partners have limited liability. LLP is an alternative corporate business form that it gives the benefits of limited liability of a company and the flexibility of a partnership.
The same applies to Chartered Accountants (CA) in practice. Technology advancement has been changing the working pattern of CA firms in last few years. It cannot be denied that new laws and regulations are opening a galore of opportunities for CA's, but each opportunity has its own set of challenges.
According to Business for Social Responsibility (BSR) "Corporate social responsibility is operating a business in a manner which meets or excels the ethical, legal, commercial and public expectations that society has from the business."
The Lok Sabha passed the Limited Liability Partnership Bill on 13 December 2008 thereafter it received the assent of the President on 7 January 2009 and thereby it has received legal status as Limited Liability Partnership Act, 2008.
The Ministry of Corporate Affairs (MCA) which regulates the functioning of Corporate Sector in India has recently started the registration process for individuals who wish to continue or seek to become Independent Directors (IDs) in Companies.