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Limited Liability Partnership

Main concept of Limited Liability Partnership
• LLP is a corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
• LLP is capable of entering into contracts and holding property in its own name.
It can continue its existence irrespective of changes in partners.
• The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP.
• In LLP individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct, Further, no partner is liable on account of the independent or un-authorized actions of other partners.
• Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity, LLP is called a hybrid between a company and a partnership, Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure'.

Structure of an llp
LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession.

Advantages of LLP
LLP form is a form of business model which: (i) is organized and operates on the basis of an agreement. (ii) provides flexibility without imposing detailed legal and procedural requirements (iii) enables professional/technical expertise and initiative to combine with financial risk taking capacity in an innovative and efficient manner

Disadvantages of an LLP
• Public disclosure is the main disadvantage of an LLP
• Income is personal income and is taxed accordingly.
• Profit can not be retained in the same way as a company limited by shares.
• An LLP must have at least two members.
• Residential addresses were historically recorded at Companies House.

Differenence between LLP and traditional partnership
• Under “traditional partnership firm”, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner.
• Under LLP structure, liability of the partner is limited to his agreed contribution. Further, no partner is liable on account of the independent or un-authorized acts of other partners, thus allowing individual partners to be shielded from joint liability created by another partner’s wrongful acts or misconduct. 6difference between llp and a company
• A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 1956) whereas for an LLP it would be by a contractual agreement between partners.
• The management-ownership divide inherent in a company is not there in a limited liability partnership.
• LLP will have more flexibility as compared to a company.
• LLP will have lesser compliance requirements as compared to a company.
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