Has the Limited Liability Partnership Model provided an Effective Alternative to the Complexity of Incorporation and the Personal Risks associated with Partnership Law

In this article I have attempted to discuss a perpetually existing issue of company law. This title of the research paper encapsulates its essence. The commencement of the Limited Liability Partnership Act in 2008 led to a new phase in the Indian corporate sector. As the Limited Liability Partnership (hereinafter ‘LLP’) model gained popularity, many compared it to the existing partnership mechanism. While there are some similarities in both, several differences on grounds such as risk and complexity have been examined. Apart from an elaborate explanation of the LLP model, the application of the model on various kinds of businesses has been highlighted. The pandemic situation’s effect on partnerships, and how LLPs will fare after these times has also been evaluated. Towards the end, the author have touched upon the current limitations of the model and the potential it can reach with certain modifications.