ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified Limited Liability Partnership (LLP) Regulations under the Limited Liability Partnership Act 2017. Limited liability partnership is an alternative form of business establishment that has the flexibility of a general partnership as well as advantages of a limited liability company, the SECP said in a statement on Monday. It is an alternative to the concept of partnership and company structure to enable professionals, entrepreneurs and small and medium enterprises to jointly organise and operate their businesses in an efficient manner. The regulations specify the form and manner of registration of the partnership, proprietary of partners, accounts and audit requirements and conversion of existing firms and private companies into a limited liability partnership.
Published in The Express Tribune, May 15th, 2018.