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A limited liability partnership is a legal body, liable for the full extent of its assets. The liability of the partners, however, is limited. It, therefore, can show elements of partnerships and companies. In an LLP, each partner is not responsible or liable for another partner's misbehavior or negligence.
Jun 30, 2021 · An LLP is one of the modes used by investors to invest or set-up business in India. In this primer, we have covered frequently asked questions related to LLPs. 1. What is an LLP? What are...
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Jan 11, 2024 · A Limited Liability Partnership (LLP) is a business entity that combines the advantages of both partnerships and companies. It provides its members with limited liability protection, like that of a company, while maintaining a partnership’s flexibility and tax benefits.
Mar 20, 2024 · 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?
Mar 15, 2024 · LLP the abbreviation for Limited Liability Partnership. This type of business is defined as a recent business set in India. It was finally acknowledged and enacted by the Parliament on December 12, 2008, commencing from the year 2009 as ‘The Limited Liability Partnership Act 2008’.
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.
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.