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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.
Jan 13, 2024 · Learn what an LLP is, how it differs from other partnerships and corporations, and what benefits it offers to professionals. Find out the requirements, tax implications, and examples of LLPs in the U.S. and other countries.
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THE LIMITED LIABILITY PARTNERSHIP ACT, 2008. ________________ ARRANGEMENT OF SECTIONS. ________________ CHAPTER I. PRELIMINARY. SECTIONS. Short title, extent and commencement. Definitions. CHAPTER II. NATURE OF LIMITED LIABILITY PARTNERSHIP. 3. Limited liability partnership to be body corporate. 4.
Limited liability partnership (LLP) is a type of general partnership where every partner has a limited personal liability for the debts of the partnership. Partners will not be liable for the tortious damages of other partners but potentially for the contractual debts depending on the state.
Oct 2, 2022 · Learn about the provisions, features, advantages, disadvantages and amendments of the Limited Liability Partnership Act, 2008 in India. This article also covers the concept, nature, conversion, investigation and taxation of LLPs.
Aug 13, 2021 · Download the Limited Liability Partnership Act, 2008 and its amendment act of 2021 in PDF format. Learn about the benefits, features and regulations of LLP, a corporate business vehicle that combines professional expertise and entrepreneurial initiative.
Definitions. Foreign Limited Liability Partnership: An LLP formed, incorporated or registered outside India which establishes a place of business within India. A LLP is a new form of business entity with limited liability. It is hybrid of companies and partnership.
