LIMITED LIABILITY PARTNERSHIP (LLP):
Nature And Scope of LLP Act 2008: Limited Liability Partnership is a partnership formed and registered under the said Act. A Limited Liability Partnership is a body corporate formed and incorporated under this Act and is a legal entity separate from that of its partners. A limited liability partnership shall have perpetual succession.
There are no directors involved in an LLP, instead designated Partners run the business and are held responsible for compliances. Hence, Board of Partners meeting is suggested in case of an LLP firm.
INCORPORATION OF LLP UNDER COMPANIES ACT, 2013 Recently most entrepreneurs have started opting for Limited Liability Partnership, considering it has most positive features of Partnership and Companies. It is hybrid form which incorporates benefits of both partnership and companies.
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