Limited Liability Partnership

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A partnership which gives limited liabilities to some or all partners depending on the jurisdiction is called Limited Liability partnership (LLP). If one or more of the partner misconducts then the others are not responsible for his/her acts. LLP is also called a hybrid between the company and the partnership.

 

limited liability partnership

The following are the benefits of the LLP:

  • No requirement of minimum contribution
  • No limit on owners of the business
  • Lower registration cost
  • No requirement of compulsory Audit
  • Dividend Distribution Tax (DDT) not applicable
  • Flexible Roles for Partners