3 min read
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Jul 27, 2024
LLP Formation Process
A Limited Liability Partnership (LLP) is a popular choice that offers the perfect blend of flexibility, scalability, and limited liability protection. It is a hybrid business structure that combines the advantages of LLP, a traditional partnership and a limited liability company, making it a versatile business entity. Unlike a general partnership, where partners have unlimited liability, an LLP provides each partner with limited liability upto their agreed contributions, protecting their assets from the business’s debts and obligations and maintains a separate legal status from its partners by ensuring continuity despite changes in ownership and it can own property, enter into contracts, and sue or be sued in its name.