Limited Liability Partnership: Features, Governance and Partner Liability

AdvertisementArticle explains the concept, legal framework, features, governance, and liability structure of a Limited Liability Partnership (LLP). Legal governance for the LLPThe Limited Liability Partnership or the LLP is governed by the Limited Liability Partnership Act, 2008. Key TakeawaysA Limited Liability Partnership (LLP) combines the operational flexibility of a partnership with the benefit of limited liability. ConclusionA Limited Liability Partnership has emerged as a preferred business structure for professionals, start-ups, and entrepreneurs by combining the flexibility of a traditional partnership with the protection of limited liability. Author’s NoteThis article provides an overview of the legal framework governing Limited Liability Partnerships under the Limited Liability Partnership Act, 2008 based on the provisions discussed above.