Limited Liability Partnership (LLP) is governed by Limited Liability Partnership Act, 2008.
Nowadays it has become very popular form of business as there are many benefits while comparing with regard to company. Therefore, many entrepreneurs are opting this.
What do you mean by Limited Liability?
Limited liability means where personal assets of the partners are not used for paying off the debts (Loans) of the LLP.
A limited liability partnership (LLP) is a partnership where partners have limited liabilities. It is a combination of partnerships and company. All partners will have protection of a registered company and one partner will not be liable for any wrongdoing or mischief of another partner. A LLP provides limited liability protection for the owners from the debts of the LLP.
Therefore, same as in a company, where shareholder have limited liability up to the face value of the share, same in LLP partners have limited liability upto the amount of capital contribution.
So all partners in a LLP gets a benefit of limited liability protection However, unlike in company where Directors manage the running of business, in LLP partners (Designated Partners) shall run and manage the business.
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