Limited Liability Partnership
An LLP, or limited liability partnership, is a type of partnership that shares some features with traditional partnerships and some with corporations. LLP registration has become increasingly popular due to its simplicity in formation and maintenance, and the added benefit of reducing owners' exposure to lawsuits. Compared to traditional partnership firms, LLPs offer the greatest advantage in terms of liability protection.
LLP companies are beneficial for businesses as they combine the advantages of a private limited company and a partnership firm. With LLP, individual partners are protected from joint liability caused by the misconduct of their partners. Additionally, no partner is liable for the unauthorized actions of other partners. LLP structure is often preferred by professionals, microbusinesses, and small businesses with a family or a small group of shareholders. Registering an LLP is a transparent and straightforward process, combining the benefits of a company and a partnership firm.
Limited Liability Partnership
For every Limited Liability Partnership (LLP) to be compliant, it is required to have a minimum of two Designated Partners. Of these partners, one must be a resident of India. The LLP's mutual rights and obligations are governed by an agreement between the partnership and its partners. If this agreement is signed, it is known as the LLP Agreement.
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