Limited Liability Partnership (LLP) is an alternative corporate business that includes the benefits of Limited Liability and also the flexibility of Partnership. It is capable of entering into contracts and holding property in its own name. LLP is best suited for small enterprises and for venture capital investment.
Every LLP considered as a separate legal entity shall have at least two partners and one among these two should be a resident of India. A Private Ltd company or unlisted public company can be converted into LLP in accordance with the LLP Act. Also, nothing Contained in the Partnership Act 1932 shall effect an LLP. Also, read how to register LLP.
Did you know?
Every LLP considered as a separate legal entity shall have at least two partners and one among these two should be a resident of India. A Private Ltd company or unlisted public company can be converted into LLP in accordance with the LLP Act. Also, nothing Contained in the Partnership Act 1932 shall effect an LLP. Also, read how to register LLP.
Advantages of LLP
- LLP is organized and operates on the basis of an agreement.
- It provides flexibility without imposing detailed legal and procedural requirements
- It enables professional/technical expertise and initiative to combine with financial risk taking capacity in an innovative and efficient manner
Did you know?
The first LLP was incorporated in the first week of April 2009.
