ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified the Limited Liability Partnership (LLP) Regulations 2018 under the LLP Act 2017.
LLP is an alternative form of business establishment, which has the flexibility of a general partnership as well as the advantages of a limited liability company, a statement said on Monday.
It is an alternative to the concept of traditional partnership and company structure to enable professionals, entrepreneurs and SMEs to jointly organise and operate their businesses in a flexible, innovative and efficient manner.
This legal structure has been available in a host of countries around the world. The regulations specify the form and manner of registration of Liability Partnership, fitness and propriety of designated partners, accounts and audit requirement and conversion of existing firms and private limited companies to LLP. The regulations are available on the Securities and Exchange Commission of Pakistan’s website.