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What is limited liability partnership (LLP)?
A Limited Liability Partnership (LLP) is a business structure that combines the flexibility of a partnership and the limited liability of a company. It was first introduced in USA in 1991then in the United Kingdom in 2000, following the Limited Liability Partnership Act of 2000.
Governed by LLP Act 2008, The Act came into force for most of its part on 31/03/2009, followed by its rules on 01/04/2009 and the registration of first LLP on 02/04/2009. It came as a result of the recommendations made by several expert committees like Bhatt Committee of 1972, Naik Committee of 1992, Abid Hussain Committee of 1997, Gupta ...
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As per section 3 of the Act, a Limited Liability Partnership has the following characteristics: • A limited liability partnership is a body corporate formed and incorporated under this Act and is a legal entity separate from that of its partners. † A limited liability partnership shall have perpetual succession.
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Concept of "limited liability partnership" • LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. • The LLP can continue its existence irrespective of changes in partners.
- Overview of Limited Liability Partnership (LLP Explained) Entrepreneurs often evaluate various options when choosing the proper legal structure for a business in India.
- Understanding Limited Liability Partnerships. A Limited Liability Partnership (LLP) is a business entity that bonds the features of a partnership and a corporation.
- Illustration: To illustrate the concept of a Limited Liability Partnership (LLP), let’s consider an example of a software development company called “TechGenius LLP”.
- Features of LLP. Limited Liability Partnerships (LLPs) possess several distinctive features, making them an appealing business structure for entrepreneurs.
Nov 7, 2012 · A Limited Liability Partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence.
Aug 13, 2021 · Limited Liability Partnership Act, 2008. A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership ...
