Limited Liability Partnership (LLP)

LLP is corporate structure that combines the litheness of a partnership and the advantages of limited liability of a company at a low acquiescence cost. In other words, it is an alternative corporate business vehicle that provides the benefits of limited liability of a company, but allows its members the suppleness of organising their internal management on the basis of a equally arrived agreement, as is the case in a partnership firm.

Owing to flexibility in its structure and operation, it would be useful for small and medium enterprises, in general, and for the enterprises in services sector, in particular. Internationally, LLPs are the preferred vehicle of business, particularly for service industry or for activities involving professionals.

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