Abstract
Unlike the rest of the world, Limited Liability Partnership (LLP) is a comparatively newer business vehicle for Pakistanis. On August 8th, 2014 Securities and Exchange Commission of Pakistan (SECP) issued a press release to introduce this new concept. The reason for introduction of this business structure was to fill the gap between business firms such as sole proprietorships and partnerships, which are most of the times unregistered and limited liability companies that are governed by the Companies Ordinance, 1984. This research paper aims to define the basic concept of LLP from the Pakistan’s perspective with respect to its advantages and nature.
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