Limited Liability Partnership (LLP) has become a preferable form of organization among entrepreneurs as it incorporates the benefits of both partnership firm and company into a single form of organization. It is an alternative corporate business form which offers the benefits of a limited liability to the partners at low compliance costs. It is also registered on MCA.
FEATURES OF LLP
- It has a separate legal entity just like companies
- The liability of each partner is limited to the contribution made by partner
- The cost of forming an LLP is low
- Less compliance and regulations
- No requirement of minimum capital contribution