What is a Limited Liability Partnership?

Section 3 of the Limited Liability Partnership Act, 2008 states that
“(1) A Limited Liability Partnership is a body corporate formed and incorporated under this Act and is a Legal Entity separate from that of its partners.
(2) A limited liability partnership shall have perpetual succession.
(3) Any change in the partners of a Limited Liability Partnership shall not affect the existence, rights or liabilities of the Limited Liability Partnership.”
A Limited Liability Partnership can have a minimum of two Partners and can have a maximum of any number of business partners. Partners need to be above 18 years of age.

Advantages of Limited Liability Partnership

The Main Advantage of an LLP over a traditional partnership firm is that in a Limited Liability Partnership, the single partner is not responsible for the fellow partner’s misconduct. It also provides Limited Liability protection for the owners from the debts of the LLP.
Therefore, all partners in an LLP enjoy a form of Limited Liability protection within the partnership, similar to that of the shareholders of a private limited company. However, unlike Private Limited Company shareholders, the partners of an LLP have the right to manage the business directly. Limited Liability Partnership is one of the easiest forms of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities.

A Limited Liability Partnership operates based upon an agreement that is called “LIMITED LIABILITY PARTNERSHIP AGREEMENT” It is a legally binding contract made between the partners of the LLP. The Rights, Duties, Responsibilities, and Liability of each partner is mentioned in the agreement, and also sets out how the partnership shall be managed. The overall purpose of the agreement is to establish a fair relationship between the partner of a Limited Liability Partnership by protecting their respective interests and investment therein.

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