Limited Liability Partnership and its Features
A limited liability partnership firm is a partnership when all the partners of the firms have minimum liability, depending upon the jurisdiction. In a limited liability partnership, one partner will not be responsible for another partner’s misconduct and wrongdoing. This partnership differs from a traditional partnership entirely. Limited liability partnerships can be created with all or some partners. In India, the limited liability partnership act 2008 was officially introduced on 9 January 2009 and was in effect from 31 March 2009. LimitedLiability Partnership Registration Online is possible without any hassle. Here are some key factors of LLP ● In the matter of taxation LLP is treated as a traditional partnership. ● The liability of partners will depend upon what partners have agreed on and contributed. ● The LLP act requires that one of the partners in LLP must be an Indian. ● ...