An Brief Guide on LLP Registration and Its Benefits
Partnerships are commercial vehicles that combine the features of partnership and company form of business. The main concept of Limited Liability Partnership (LLP) has been introduced in India by way of the Limited Liability Partnership Act, 2008. An LLP partnership combines the advantages of both the Company and Partnership into a single form of organization, which is a separate legal entity, liable to the full extent of its assets, the liability of the partners would be limited to their agreed contribution in the LLP. LLP registration is a kind of partnership in which the partners have limited liability. The main feature of LLP registration is that one partner is not responsible for another partner's negligence. LLP is an incorporated business organization, which is a body corporate having the features of a partnership firm and a limited company. The management of LLP is defined by LLP agreement and partners have the freedom to regulate affairs of the LLP. Minimum two persons a...