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Limited
Liability Partnerships (LLPs) are commercial vehicles which combine
features of partnership and company form of business. LLP is an
alternative corporate business form that gives the benefits of limited
liability of a company and the flexibility of a partnership. The LLP can
continue its existence irrespective of changes in partners. It is capable
of entering into contracts and holding property in its own name.
Unlike
in partnership, no partner is liable on account of the independent or
un-authorized actions of other partners and accordingly individual
partners are protected from joint liability created by another partner’s
wrongful actions or misconduct.
Mutual
rights and duties of the partners within a LLP are governed by an
agreement between the partners or between the partners and the LLP as the
case may be. The LLP, however, is not relieved of the liability for its
other obligations as a separate entity.
Advantages of LLP
- It
is based on agreement between partners
- Flexibility
without imposing detailed legal and procedural requirements
- Can
continue its existence irrespective of changes in partners
- Separate
legal entity
Registration Process
- Apply
for DPIN (Designated Partner Identification Number)
- Apply
for LLP Name
- Filling
of registration documents online
- Register
LLP
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