Senate body nods Limited Liability Partnership Bill

ISLAMABAD: A senate standing committee on Thursday approved the companies’ Limited Liability Partnership (LPP) Bill, 2017, a statement said. The proposed LLP framework possesses limited liability, active member management, simplicity and ease of doing business.   “This is yet another milestone achieved by the SECP and will go a long way in providing much needed impetus to the growth of the country’s corporate sector,” Zafar-ul-Haq Hijazi, chairman SECP said in a statement.  The LLP Bill provides for establishment of new corporate vehicle to enable professional expertise and entrepreneurial initiative to combine, organise and operate in an innovative and efficient manner having benefit of limited liability on account of incorporation.