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What is limited liability partnership (LLP) in India?
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What is a limited liability partnership (LLP)?
LLP stands for Limited Liability Partnership. Limited liability partnership definition – It is an alternative corporate business form that offers the benefits of limited liability to the partners at low compliance costs.
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.
Apr 2, 2024 · In India, Limited Liability Partnership (LLP) is defined as an entity formed and registered under the Limited Liability Partnership Act, 2008. In short, it means a partnership firm that is incorporated under the LLP Act.
A Limited Liability Partnership (LLP) is a hybrid business structure that provides its partners with limited liability protection while allowing them to participate in the management and decision-making process.
FAQs on Nature of Limited Liability Parterneship (LLP) 1. Concept of "limited liability partnership" 2. Structure of an LLP. 3. Advantages of LLP form. 4. Other countries where this form is available. 5. Difference between LLP & "traditional partnership firm" 6. Difference between LLP & a Company.
Nov 15, 2021 · “SMALL LIMITED LIABILITY PARTNERSHIP” means a limited liability partnership— (i) the contribution of which, does not exceed twenty-five lakh rupees or such higher amount, not exceeding five crore rupees, as may be prescribed; and.
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit aspects of both partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.
