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LLP Act

The Limited Liability Partnership (LLP) Act, 2008 establishes LLPs as a new legal business entity that combines elements of both corporate structures and partnership firms, providing limited liability to its partners. The Act consists of 81 sections and outlines the formation, management, and legal obligations of LLPs, including the requirement for at least two designated partners, one of whom must be a resident of India. The LLP is treated as a separate legal entity, allowing it to continue existing independently of changes in partnership, and partners' personal assets are protected from the LLP's liabilities.

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40 views59 pages

LLP Act

The Limited Liability Partnership (LLP) Act, 2008 establishes LLPs as a new legal business entity that combines elements of both corporate structures and partnership firms, providing limited liability to its partners. The Act consists of 81 sections and outlines the formation, management, and legal obligations of LLPs, including the requirement for at least two designated partners, one of whom must be a resident of India. The LLP is treated as a separate legal entity, allowing it to continue existing independently of changes in partnership, and partners' personal assets are protected from the LLP's liabilities.

Uploaded by

anshikas2807
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd

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