A limited liability partnership (LLP) is a business structure in which partners are only liable for their own actions and not those of the other partners. This type of partnership is similar to a general partnership, but with some key differences. In an LLP, each partner has limited liability, meaning they are only responsible for their own actions and not those of the other partners. This type of partnership is popular among professionals such as lawyers and accountants, who want to limit their liability while still being able to work together.
The Basics of Limited Liability Partnership in India or LLP, is a business structure in which partners are not held personally liable for the debts and liabilities of the business. This type of partnership is popular among professional firms, such as accounting or law firms. In an LLP, each partner shares in the profits and losses of the business, but their personal assets are protected in the event that the business is sued or incurs debt.
Limited Liability Partnership
A limited liability partnership, or LLP, is a business structure in which partners are not held personally liable for the debts and liabilities of the business. This type of partnership is popular among professional firms, such as accounting or law firms. In an LLP, each partner shares in the profits and losses of the business, but their personal assets are protected in the event that the business is sued or incurs debt.
An LLP is formed by filing articles of incorporation with the Registrar of Companies. The partners must then enter into a partnership agreement that outlines the rights and duties of each partner, as well as the profit-sharing arrangement. An LLP must have at least two partners, but there is no maximum number.
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