Limited Liability Partnership (LLP) Act

Limited Liability Partnership (LLP) is another corporate business entity. It offers the advantages of limited liability of a company. LLP is also grants its members the flexibility of arranging their internal management on the base of a mutually-arrived terms. In the case of a partnership firm. In general, this information would be useful for small and medium enterprises. For enterprises in services sector in specific, involving knowledge and professionals based enterprises. We Corpstore helps our valuable customer to register their LLP in Coimbatore.

Limited Liability Partnership (LLP) Act

Limited Liability Partnership

LLP shall be a legal entity and a body corporate separate from its partners. While the Limited Liability Partnership (LLP) will be a separate legal entity. It is liable to the complete scope of its assets. The liability of the partners would be limited to their agreed as part in the LLP. No partner would be responsible on account of the unauthorized actions or independent of other partners. It’s allowing individual partners to be covered from joint liability makes by another partners wrongful business as misconduct or decisions.

LLP includes elements of both a corporate structure and ‘ a partnership firm structure’ LLP is a combination between a company and a partnership. LIMITED LIABILITY PARTNERSHIP ACT 2008 (6 of 2009) came into force with effect from 01.04.2009

Till then we were having different forms of entities as Company, Firm and Proprietor, etc., which were being used by many businessmen. LLP, a legal form available world-wide was introduced in the year 2009 and now India is governed by the Limited Liability Partnership Act 2008, with effect from above date.

LLP Meaning

limitedliabilitypartnershipA Limited Liability Partnership firm (LLP) is a form of business organization with each partners liability limited of business organization with each partners liability limited to the parts made by that partner in connection to the LLP. But in case of wrongs, fraud, malpractice, etc., in such case that liability can add to the suitable partner may be unlimited.

LLPs are treated as a law of a person in their eyes and integrate as persons,. But a normal partnership firms which are not incorporated as persons in the eyes of law.

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