The limited liability partnership (llp) is a registered company under the llp act, 2008. As compared to unregistered partnership firms, registration offers many advantages. Llp act 2008 is the parent statute for llps. Llp is useful when two parties decide to start a business on a profit-sharing basis. Llps allow individual partners to be restricted from joint liability of partners in a partnership firm and are quite popular as a form of business entity in the west.
As far as compliance is concerned, llp requirements are similar to private limited companies. Llps have a separate legal entity. The llp can sign contracts and sue parties in its name. It means that partners are not personally liable for the debts if the company. As compared to unregistered partnership firms, some additional compliances are required, but the legal formalities are less as compared to a private limited company, the legal requirements are less, and the llp form of business is easier to incorporate than a company.companies registered as an llp need to add “llp” as a suffix to the company name.

The limited liability partnership (llp) is a registered company under the llp act, 2008. As compared to unregistered partnership firms, registration offers many advantages. Llp act 2008 is the parent statute for llps. Llp is useful when two parties decide to start a business on a profit-sharing basis. Llps allow individual partners to be restricted from joint liability of partners in a partnership firm and are quite popular as a form of business entity in the west.
As far as compliance is concerned, llp requirements are similar to private limited companies. Llps have a separate legal entity. The llp can sign contracts and sue parties in its name. It means that partners are not personally liable for the debts if the company. As compared to unregistered partnership firms, some additional compliances are required, but the legal formalities are less as compared to a private limited company, the legal requirements are less, and the llp form of business is easier to incorporate than a company.companies registered as an llp need to add “llp” as a suffix to the company name.