Limited Liability Partnership (LLP) is a form of business organization that combines the advantages of ease of running a partnership on one hand and a separate legal entity status and limited liability aspect of a company on the other hand. LLP is newly introduced in India and is governed by the Limited Liability Partnership Act, 2008, which took effect from April 1, 2009.
LLP is a body corporate with perpetual succession and has a separate legal identity distinct from its partners. LLP is formed by any two or more persons associated for carrying on a lawful business with a view to earn profit. LLP cannot be formed without profit motive. The liability of the partners is limited to the agreed contribution in the LLP which may be of tangible or intangible nature. read more...
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