Limited Liability Partnership (LLP) Registration is a hybrid business structure that combines the benefits of a traditional partnership with the limited liability protection of a company. In an LLP, partners are not personally liable for the wrongful acts or misconduct of other partners, and their liability is limited to their agreed contribution to the business.
In India, LLPs are governed by the Limited Liability Partnership Act, 2008, and provide the flexibility of a partnership while offering the advantage of limited liability protection to its partners. This makes it an attractive option for professionals and businesses looking for a corporate business vehicle with simpler compliance requirements than a company.
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