What is Limited Liability Partnership?
LLP is the latest form of business where the features of a partnership are combined with the features of a company.
It is a partnership where all the partner’s have limited and disjoint liability , i.e. the personal assets of the partners cannot be utilized to pay off firm’s liabilities and individual partners have no joint liability created by another partner’s wrongful business decisions or carelessness.
Since, LLP contains elements of both a company and a partnership it is better known as a hybrid between a company and a partnership.
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