FEATURES OF LLP

FEATURES OF LLP

  •  LLP is registered with MCA (Ministry of Corporate Affairs)
  •  LLP is a body Corporate – It is a body corporate and incorporated under the act, It is a legal entity separate from its partners.
  •  Perpetual Succession – Unlike a partnership firm, LLP can also continue its existence even after the death, Insolvency, or retirement of one or more partners.
  •  Separate Legal Entity – The entity and partners are distinct from each other.
  •  Limited Liability – It means the status of being legally responsible, further the liability of each partner is limited to his agreed contribution in the LLP.
  •  There have to be at least two partners and no limit on the maximum number of partners.
  •  LLPs are common in Professional businesses such as Law firms, accounting firms, and wealth managers.

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