Mar 17, 2023
What is an Limited Liability Partnership?
Limited liability partnership or LLP is a partnership firm which is registered under LLP act 2008 with MCA It has been introduced in the year 2008 in India via Limited Liability Partnership Act, 2008.
It is a partnership where the partners don’t have unlimited liabilities which means that in case of an adverse situation in LLP or declares bankruptcy in all the partner will only lose the value of his investment and he is not liable to other outstanding liabilities like creditors etc., partner’s assets will not be seized or sold. earlier this benefit was only available for companies.
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What is an Limited Liability Partnership?
