What is a LLP in India?
A Limited Liability Partnership (LLP) is a legal business structure that combines the benefits of a partnership and a limited liability company. In India, LLPs are regulated by the Limited Liability Partnership Act of 2008. This form of business is designed to provide flexibility to its partners while offering them limited liability protection. Unlike traditional partnerships, an LLP allows partners to enjoy limited liability, meaning their personal assets are not at risk if the business faces financial challenges or liability claims. LLPs are popular among professionals such as accountants, lawyers, and consultants, who can form a legal entity while still retaining the advantages of a partnership.
This mind map was published on 19 January 2024 and has been viewed 62 times.
