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Limited Liability Partnership (“LLP”) is a corporate entity type in India suitable for small and medium-sized businesses. An LLP is governed under Limited Liability Partnership Act, 2008 and the rules framed thereunder.
Any two people associated with carrying lawful business with aim of making a profit can set up an LLP. Setting up of Limited Liability Partnership in India is a well-structured process.
The meaning, process of registration, advantages and the documents required for establishing an LLP are mentioned as follows:
What is a Limited Liability Partnership?
An LLP is a hybrid business structure that includes the advantages of both a limited liability company and the flexibility of a partnership. LLP establishes itself as a separate legal entity which means that it continues to exist irrespective of change in partners and the liability of the partners is limited to their contribution.