Limited Liability Partnership Registration, governed by the Limited Liability Partnership Act, 2008. A limited liability partnership (LLP) is a partnership in which partners have limited liabilities. It has features of both partnership and company. Partnership firms have unlimited liabilities, limited liability partnership (LLP) remove this drawback.
It has following characteristics:
- Separate legal existence.
- Minimum 2 designated partners, Maximum has no limit.
- “LLP” at the end of name.