How Can An LLP (Limited Liability Partnership Firm) be Set Up in India?
LLP or Limited Liability Partnership is a modern type of business incorporation which has become popular among the budding entrepreneurs for its several business benefits. Here, you need at least two business partners to form the LLP or Limited Liability Partnership firm. There is a special meaning related to the term ‘Limited Liability’. It means neither of the two business partners or more than that has to bear complete responsibility for the business’s liability indebtedness. Another benefit of the Limited Liability Partnership firm is not one partner responsible for the other partner’s wrongdoing. These are the reasons business persons love to establish the LLP (Limited Liability Partnership) firm among themselves. Notable Features of the LLP Act 2008 There are a few notable features that are associated with the LLP (Limited Liability Partnership) Act 2008 which is conducting the LLP-related components in India - The LLPs are considered an evolved form of the partnership fi