Limited Liability Partnership
LLP is a body incorporate formed under the LLP act 2008. It has a legal entity separate from its
partners. LLP is having the feature of private limited company. It has a perpetual succession and
common seal. Minimum 2 partners required to form LLP.
Why Limited Liability partnership over Partnership?
1. Limited Liability of the partners.
2. No partner is liable for the misconduct of the other partner.
3. Combination of both the Company and the partnership.
4. Earlier Chartered Accountants, company secretaries etc could not form LLPs, now they can
form LLPs.
