LLP is an acronym for the Limited Liability Partnership (LLP). LLP is an entity registered under the Limited Liability Partnership Act, of 2008. The liability of an LLP is restricted to its assets and the partner’s liability is limited to their share contributed in the partnership. Thus partner’s liability in LLP is similar to that…
In partnership businesses all the partners need not actively participate in the business activity of the firm. According to their involvement in the business they are called active partner/ managing partner and sleeping partner/ dormant partner. Active Partner or managing partner: An active partner is the capital investor in the partnership who actively involves himself…