International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

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Volume 8 Issue 3
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Governance and Stakeholder Accountability in Limited Liability Partnerships in India: A Doctrinal and Conceptual Review

Author(s) CA. Sathish Kumar
Country India
Abstract Limited Liability Partnerships (LLPs) have emerged as a significant organisational form in India, combining separate legal personality and limited liability with contractual flexibility in internal governance. While the LLP Act 2008 confers substantial managerial freedom through the LLP agreement, it simultaneously embeds accountability through provisions on designated partners, books of account, solvency reporting, annual return filing, fraud, and investigation. This paper undertakes a doctrinal and conceptual review of governance and stakeholder accountability in Indian LLPs, analysing the statutory architecture, compliance obligations, and stakeholder implications of the LLP form. Drawing on stakeholder theory, corporate governance literature, and the Indian statutory framework, the paper argues that the legitimacy of LLPs depends not merely on the availability of limited liability but on the quality of governance — reflected in role clarity, transparent documentation, compliance discipline, and responsible managerial conduct. The paper proposes a six-pillar accountability framework and concludes that Indian LLPs will remain most credible and sustainable when contractual flexibility is balanced by visible accountability to partners, clients, creditors, employees, and regulators.
Keywords Limited Liability Partnership, LLP Act 2008, Governance, Stakeholder Accountability, Designated Partners, Financial Disclosure, Compliance, India
Field Sociology > Administration / Law / Management
Published In Volume 8, Issue 3, May-June 2026
Published On 2026-05-30
DOI https://doi.org/10.36948/ijfmr.2026.v08i03.80086
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