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76. Under section 3 of the Limited Liability Partnerships Act, 2008 a limited liability partnership is a body corporate incorporated under ppn 38 arbpl-374.16(j).doc the provisions of the said Act is a separate legal entity separate from that of its partners and has perpetual succession. Such firms are liable to the full extent of its assets and insofar as liabilities of partners are concerned, it is limited to their agreed contribution in the limited liability partnerships. No partners shall be held liable on account of any independent unauthorized action, wrongful business decisions or misconduct of the other partners. The provisions of Indian Partnership Act, 1932 cannot be extended to such limited liability partnerships. In my view the majority arbitrators thus could not have applied the provisions and/or principles of Indian Partnerships Act, 1932 to those four limited liability partnerships formed and registered under the provisions of Limited Liability Partnerships Act, 2008 and to a private limited company.