Parliament clears bill for flexibility in running partnership firms

NEW DELHI: Parliament on Friday approved a bill paving way for formation of a new type of business entity by professionals like lawyers and chartered accountants, giving flexibility to partners to run their firms.

The Limited Liability Partnership (LLP) Bill, 2008 which was earlier cleared by the Rajya Sabha, was approved by the Lok Sabha by voice-vote after a brief debate.

"Our effort would be to have the first LLP registered by April 1, 2009," Corporate Affairs Minister Prem Chand Gupta said while winding up a discussion on the bill.