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Corporate Affairs ministry withdraws memorandum that prohibited LLPs from manufacturing activities

The corporate affairs ministry has withdrawn its directions restricting Limited Liability Partnerships (LLPs) from engaging in manufacturing activities. Concerns were raised in various quarters about an office memorandum dated March 6 issued by the ministry earlier this month, wherein LLPs were restricted from manufacturing and allied activities. In the memorandum, the ministry had said that LLPs as body corporates have been set up for the purposes of carrying out business activities related to the service sector. Many entities had converted their manufacturing companies into LLPs. 

Read More at The Economic Times News date : 17 Apr 2019, Wednesday

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