Overview of llp registrationlimited liability partnership is a type of partnership firm which is more preferred by entrepreneur. It is the easiest form of business structure with the benefit of limited liability. Llp registration gives freedom to partners to form a partnership structure where the liability of each partner is limited to the amount they contribute into the business. Limited liability partnership firm registration means that if the partnership fails, creditors cannot ask for partners personal property or income. What is limited liability partnership firm?llps or limited liability partnership is a type of business structure which offers extra benefits in comparison to partnership firm. It provides limited liability to its partners at a very nominal compliance costs. Moreover, the partners of the firm can organize their internal structure like a partnership firm. In short, llp is a separate legal entity from its member that has the power to extend all its assets keeping the liabilities of partners limited. Hence, a limited liability partnership is a hybrid of a company and a partnership firm. Corporate body as per section 3 of the limited liability partnership act, 2008, under llp registration a f firm is a corporate body which has come into force with effect from april 1, 2009. The indian partnership act 1932 is not applicable to llp. Never ending a limited liability partnership firm has a benefit of perpetual succession and can continue its existence even after the retirement, death, insanity of one or more respective partners in the firm. Limited liability the most important feature of llp is limited liability that all its partners entertain which means their personal assets are safe and wont be used to pay the losses or debt of the firm. Apart from it, innocent partners of a limited liability partnership firm are not liable to pay for the wrong deeds done by some other partner.
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