LLP in India
http://indiacorplaw.blogspot.com/2008/10/llp-bill-introduced-in-parliament.html
Amidst all the stock market paranoia, this one was missed. LLP Bill was passed in the Rajya Sabha as well. Once it is passed in both houses - CA,s CS, and other professionals can form a partnership company (sounds odd) with their liability limited to the extent they contribute as capital. Their personal funds will not be liable, as was the case partnerships erstwhile. To what extent this will give a face lift to the professional class remains to be seen.
At the very least, commerce students will soon have one more act to study, in addition to the Companies Act, 1956 and Indian Partnership Act, 1932. There is a comprehensive revamp of Companies Act in progress and tabled in Lok Sabha as well. But that has been in progress since my B.Com days 