LIMITED LIABILITY PARTNERSHIP, (LLP)
Limited Liability Partnership is a new business form to provide an alternative to the traditional partnership firm which has unlimited liability on Partners, The LLP is a body corporate and a separate legal entity. LLP is a new corporate structure that combines the flexibility of a partnership and the advantages of limited liability of a company. An alternative corporate business that provides the benefits of of a company, band allows its members the flexibility of organizing their internal management on the basis of llp agreement, as is the case in a partnership firm.
LIMITED LIABILITY PARTNERSHIP REGISTRATION : Limited Liability Partnership Registration can be formed with two or more persons - one person should be resident in India, may form a Limited Liability Partnership, The LLP is a suitable for small enterprises. The basic idea behind the introduction of Limited Liability Partnership is to provide a form of business organization that is simple. A Limited Liability Partnership combines the advantages of both the Company and Partnership into a single form of organization and IN LLP partner is not responsible or liable for another partner's misconduct or negligence. Therefore, all partners have a form of limited liability for each individual's protection within the partnership, similar to that of the shareholders of a company.. An LLP also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP's employees or other agents. LLP is one of the easiest form of business to incorporate and manage.