LLP is acronym to the Limited Liability Partnership (LLP). LLP is an entity registered under Limited Liability Partnership Act, 2008. The liability of an LLP is restricted to its assets and partner’s liability is limited to their share contributed in the partnership. Thus partner’s liability in LLP is similar to that of the shareholders of a Limited company, although they are directly managing the business likes unlimited partnership firm. A partner of LLP, unlike the unlimited partnership, is not liable for wrongful business decisions or misconducts other partner/s.
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