Azam & Rai participates in SECP consultation on introducing Limited Liability Partnership (LLP) in Pakistan

Sector: Partnership Law

Azam & Rai partner, R.M.S. Azam, was invited to and participated in an advocacy and stakeholders' consultation session on the introduction of Limited Liability Partnership (LLP) in Pakistan by the Securities & Exchange Commission of Pakistan (SECP).

The LLP, as a new business vehicle in Pakistan, is expected to fill the gap between business vehicles such as sole proprietorships/partnerships, on the one hand, and companies registered under the Companies Ordinance, 1984, on the other hand. The LLP regime will provide a platform to small and medium enterprises, which would increase their global competitiveness and also assist professional firms of lawyers, chartered accountants, etc. to conduct their affairs more transparently and effectively. Additionally, the LLP would facilitate further documentation of Pakistan's informal economy and will convert an informal and unregulated sector into a formal and regulated one.

During the consultation session, the concept of limited liability partnership and the first draft of the proposed Limited Liability Partnership Act, 2014 came under discussion, on which Azam & Rai also provided key inputs. The SECP also invited Azam & Rai to submit detailed recommendations on the draft LLP law.

Azam & Rai partner presented Certificate of Contribution by the World Justice Project

Azam & Rai partner, R.M.S. Azam, has been presented with a Certificate of Contribution for contributing to the Pakistan chapter of the World Justice Project’s Rule of Law Index 2014 by The World Justice Project (WJP) (worldjusticeproject.org), a multidisciplinary and multinational initiative to advance the rule of law worldwide.

The WJP Rule of Law Index is an innovative quantitative assessment tool designed to offer a detailed and comprehensive picture of the extent to which countries adhere to the rule of law in practice.