The New Generation Of Banging Hardtechno

newco · Posted: Tue 13:07, 28 May 2013 Post subject: What is an LLP?

Limited Liability Partnership (LLP) is a form of business organization that combines the advantages of ease of running a partnership on one hand and a separate legal entity status and limited liability aspect of a company on the other hand. LLP is newly introduced in India and is governed by the Limited Liability Partnership Act, 2008, which took effect from April 1, 2009.

LLP is a body corporate with perpetual succession and has a separate legal identity distinct from its partners. LLP is formed by any two or more persons associated for carrying on a lawful business with a view to earn profit. LLP cannot be formed without profit motive. The liability of the partners is limited to the agreed contribution in the LLP which may be of tangible or intangible nature.

What are the distinct features of LLP?

The salient features of the LLP are as follows:
LLP is a body corporate and a legal entity separate from its partners, can own assets in its own name, sue and be sued.
The mutual rights and duties of partners of an LLP are governed by an agreement between partners or between the LLP and the partners, subject to the provisions of the LLP Act, 2008. In the absence of any such agreement, the mutual rights and duties shall be governed by the provisions of the LLP Act. read more....

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