Difference between Limited Liability Partnership (LLP) and Partnership Firm
Limited Liability Partnership Vs. Partnership Firm Limited Liability Partnership (LLP) As per the Limited Liability Partnership Act, 2008, the Limited Liability Partnership (LLP) is defined as the partnership formed and registered under the Limited Liability Partnership Act, 2008 . LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership . LLP is a body corporate and a legal entity separate from its partners. It also has perpetual succession. Advantages of a Limited Liability Partnership · Separate legal entity · Limited Liability · Perpetual secession · Easy to wind-up Disadvantages of a Limited Liability Partnership · ...