LLP is an alternative corporate business form that gives the benefits of limited liability of a partnership and the flexibility of a partnership.
The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name.
The LLP is a separate legal entity, is liable to the full extent of its assets but the liability of the partners is limited to their agreed contribution in the LLP.
LLP form is a form of a business model which/ Advantage of LLP
(i) is organized and operates on the basis of an agreement.
(ii) provides flexibility without imposing detailed legal and procedural requirements
(iii) enables professional/technical expertise and initiative to combine with financial risk-taking capacity in an innovative and efficient manner
Please note that as a part of process re-engineering of LLP Incorporation related forms viz. Form 1, Form 2 with linked forms Form 2A /17/18, Form 5, the ‘Pay Later’ option would be temporarily disabled for use in respect of these forms with immediate effect till 1st October 2018.
Process Re-engineering of LLP-Incorporation related forms – Precautions to be taken by professionals and users Please click here for more details