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  1. 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.

    • LLP Agreement

      The mutual rights and duties of partners inter se and those...

    • Registration

      LLPs shall be registered with the Registrar of Companies...

    • LLP is a body corporate. According to Section 3 of the Limited Liability Partnership Act 2008 (LLP Act), an LLP is a body corporate, formed and incorporated under the Act.
    • Perpetual Succession. Unlike a general partnership firm, a limited liability partnership can continue its existence even after the retirement, insanity, insolvency or even death of one or more partners.
    • Separate Legal Entity. Just like a corporation or a company, it is a separate legal body. Further, it is completely liable for its assets. Also, the liability of the partners has certain limitations in their contribution to the LLP.
    • Mutual Agency. Another difference between an LLP and a partnership firm is that independent or unauthorized actions of one partner do not make the other partners liable.
  2. People also ask

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  3. Dec 15, 2016 · Limited Liability Partnership ('LLP') is a form of enterprise that merges certain advantages of a partnership with those of a company. Viewed as an 'alternate or hybrid corporate vehicle', an LLP achieves the best of both corporate forms by granting to the members of the LLP, the flexibility of organizing their internal managerial structure as a partnership based on mutual-understanding, while ...

  4. Jul 18, 2022 · The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008. An LLP has the characteristics of both the partnership firm and company. The Limited liability Partnership Act, 2008 regulates the LLP in India. Minimum two partners are required to incorporate an LLP.

  5. Definition of LLP The Parliament of India passed the Limited Liability Partnership Act in 2008 to govern LLP businesses in India. According to Section 2 of this law, an LLP is a partnership registered under the Act. Further, an LLP agreement means a written agreement either between an LLP’s partners or between the LLP itself and its partners.

  6. Mar 20, 2023 · LLP or Limited Liability Partnership is an alternative form of corporate business that offers benefits of limited liability to partners at minimal compliance costs. It is a newer concept in a business where partners have lesser financial obligations and limited personal liability in the firm. What is the Meaning of LLP?