Parliament Parliament of India
Bill inserts LLP and sole proprietorship definitions into Company Secretaries Act
This Bill amends the Company Secretaries Act, 1980 to allow members of the Institute of Company Secretaries of India to form Limited Liability Partnerships (LLPs) and sole proprietorships.
It aims to extend the benefits of the Limited Liability Partnership Act, 2008 to firms of company secretaries.
Who it concerns: Members of the Institute of Company Secretaries of India, firms of company secretaries, and limited liability partnerships that have a company as a partner.
What the bill does
- Inserts new definitions for 'firm', 'partner', 'partnership', and 'sole proprietorship' in Section 2 of the principal Act.
- Defines 'firm' to include limited liability partnerships and sole proprietorships registered with the Institute.
- Defines 'partnership' to include limited liability partnerships that do not have a company as a partner.
- Adds an explanation to Section 26 clarifying that 'company' includes any limited liability partnership which has a company as its partner for the purpose of prohibiting companies from practising as Company Secretaries.
Also in the document
- The Bill is an amendment to the Company Secretaries Act, 1980.
- The Financial Memorandum states that the provisions will not involve any expenditure from the Consolidated Fund of India.
- The Bill was introduced in the Rajya Sabha on April 20, 2010.
Where this bill is now: Became law (Act)
How this was written
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The original document
Parliament of India — Bills (Lok Sabha & Rajya Sabha)
Bill / law · Ref. XXVII · 12 Dec 2011
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