1. With the introduction of Limited Liability Partnership Act 2008 will the Partnership Act 1932 continue?
2. Can the existing Partnership under Partnership Act 1932 convert to LLP?
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Will Partnership Act 1932 continue?
Replies (3)
At present there is no proposal to repeal Partnership Act. LLP provides you an additional option seperate from traditional partnership. Thus at present both will exist.
Yes a firm under Partnership Act can be converted into LLP.
I dont think the partnership act, 1932 will discontinue. LLP act is a newly passed act and the adaption still needs time. Also, there has to be an option for unlimited liability always and hence, the scope of existing partnership act cannot be ignored. Even in case of a company, a company can be limited by shares or unlimited. Similarly, partnership can exist in both of its forms. No matter, they will be governed by separate acts.
LLP is a mixture of partnership and company with limited liability. Both serve different purposes.
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