Three bills were passed by Parliament on Monday allowing Chartered Accountants, Company Secretaries and Cost and Works Accountants a choice to shift to a new business model of Limited Liability Partnership (LLP).
The three bills amending laws governing the Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI) and the Institute of Cost and Work Accountants of India (ICWAI) were passed by the Lok Sabha within minutes amid din without discussion.
The House was witnessing uproar over the issue of the move by a Siberian court to ban Bhagwad Gita.
The Rajya Sabha has already passed the three bills.
The three amendment bills allowing CA, company secretaries and cost and work accountants to have a choice to shift to LLP business model would help the professionals and thereby the country achieve a leadership position in the services sector.
The LLP Act was enacted in 2008 and as on September-end, 6,439 LLPs have been registered in the country mainly in the business service, trading, real estate, rentals, construction and so on.
The three bills are - the Chartered Accountants (Amendment), Bill, 2010, which was introduced in Upper House in April 2010, the Company Secretaries (Amendment) Bill, 2010 to amend the relevant Act of 1980 and the Cost and Works Accountants (Amendment) Bill, 2010 to amend related Act of 1959.
The bills add definitions of "firm", "partner", "partnership" and "sole proprietorship" in the original Act.
