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  1. It is capable of entering into contracts and holding property in its own name. • The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. • Further, no partner is liable on account of the independent or un-authorized actions of other ...

  2. Nov 07, 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.

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    What is an LLP (I)?

    • 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.
  4. Jun 11, 2014 · What is LLP? 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. It is capable of entering into contracts and holding property in its own name.

  5. A limited liability partnership (LLP) is a partnership in which some or all partners 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. This is an important difference from that of a limited partnership.

  6. www.mca.gov.in › en › acts-rulesLLP Act, 2008 - PDF

    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.