Limited Liability Partnership Registration in India, Fees & Consultants (Top 10)
Introduced in India through the Limited Liability Partnership Act of 2008, this form of partnership aims to provide opportunities to easily form business organizations while also allowing its owners to enjoy the benefits of limited liability.
It combines the plus points of a Private Limited Company and a Partnership Firm, to form a Limited Liability Partnership (LLP) which enables you and your partners to form a business where one partner is not responsible for the negligence of another partner.
This means that every partner will have a form of limited liability for every individual’s protection with the firm. This is what makes it so much like a quintessential private limited company where the shareholders of the corporation are not liable for other’s actions. That said, unlike shareholders, you as partners of an LLP still have the right to directly manage the business. Furthermore, an LLP also limits the personal liability of an individual as a partner in case of omissions, errors, negligence or incompetence.