26/07/2021 Financial & Legal Services
LLP is a form of partnership that is registered under the Limited Liability Partnership Act, 2008 where liabilities of all the partners are limited to the extent of contribution bought by them. It helps owners to limit their liabilities while enjoying the advantages of a limited company which is an edge over a traditional partnership firm.
No partner is liable on account of unauthorized actions of other partners, thus individual partners can safeguard them from joint liability arising from misconduct of other partners. LLP as an organization is mostly preferred by professionals, micro and small businesses.
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