What is a Limited Liability Partnership (LLP)



Limited Liability Partnership is a modernization form of partnership by giving the facility of a separate legal entity. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Limited Liability Company and Partnership into a single form of organization. Limited Liability Partnership has been introduced in India by way of the Limited Liability Partnership Act, 2008

It gives operational ease to partners to manage the business and creates a system of accountability through the mandatory ROC filings. In this globalization era, the introduction of the LLP concept is an exclusive benefit for entrepreneurs with little annual compliance. Owing to the limited liability of partners, flexibility, low-cost compliance, and many more it became a beneficial platform for a small and medium entrepreneur to run their business in comparison with partnership businesses.

Continue Reading:- Rights & Duties of Partners & Designated Partners

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