Limited Liability Partnership (LLP) is a popular business entity that is commonly used by professionals such as lawyers, accountants, and consultants. The LLP structure provides many benefits such as limited liability for partners, ease of management, and flexibility in terms of ownership and structure. The legal framework for LLPs is set out in the Limited Liability Partnership Act.
The Limited Liability Partnership Act was passed in the year 2008 and came into effect from April 2009. The act provides for the formation, functioning, and dissolution of LLPs in India. The act also outlines the rights, duties, and liabilities of partners in an LLP.
The following are the key features of the Limited Liability Partnership Act:
The Limited Liability Partnership Act was passed in the year 2008 and came into effect from April 2009. The act provides for the formation, functioning, and dissolution of LLPs in India. The act also outlines the rights, duties, and liabilities of partners in an LLP.
The following are the key features of the Limited Liability Partnership Act: