CA, CS and CWA Acts amended to take into account LLPs

The Company Secretaries (Amendment) Bill, 2010 dealing with the amendments arising out of the Limited Liability Partnership Act, 2008 as discussed and approved by Rajya Sabha on 12th December, 2011 was introduced and passed in Lok Sabha on 19th December, 2011 along with the Chartered Accountants (Amendment) Bill, 2010 and Cost and Works Accountants (Amendment) Bill, 2010.

The amendments proposed in the Company Secretaries (Amendment) Bill, 2010 are as under:-

1.   Amendment to section 2 (2) of the Principal Act (the Company Secretaries Act, 1980) to insert in sub-section (1) after clause (f), clauses (fa) (gb) (gc) and (jj) to define the terms firm, partner, partnership and sole proprietorship as per details given below:-

`(fa) `firm™ shall have the meaning assigned to it in section 4 of the Indian Partnership Act, 1932, and includes,

(i)           The limited liability partnership as defined in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008; or

(ii)        The sole proprietorship, registered with the Institute;™

`(gb) `partner™ shall have the meaning assigned to it in section 4 of the Indian Partnership Act, 1932 or in clause (q) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008, as the case may be;™

`(gc) `partnership™ means

(A) A partnership as defined in section 4 of the Indian Partnership Act, 1932; or

(B)  A limited liability partnership which has no company as its partner;™

`(jj) `sole proprietorship™ means an individual who engages himself in the practice of the profession of the Company Secretaries or offers to perform services referred to in clauses (b) to (f) of sub-section (2);™

2.      Amendment to Section 26 to add explanation to section 26 of the Act to clarify that the company includes any limited liability partnership having company as its partner as under:-

Explanation For the removal of doubts, it is hereby declared that the `company™ shall include any limited liability partnership which has company as its partner for the purposes of this section.

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eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

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