Features of Limited Liability Partnership

What is LIMITED LIABILITY PARTNERSHIP (LLP)? LLP Features: LIMITED LIABILITY PARTNERSHIP (LLP) is basically a hybrid of a Partnership Firm and a Company. A LIMITED LIABILITY PARTNERSHIP (LLP) is formed with the objective of enjoying the flexibility of doing business as in the case of Partnership Firms along with the limited liability benefit. An LLP consists of features of both a Partnership Firm & that of a Company. The concept of LLP was introduced in 2008 through an Act named “The Limited Liability Partnership Act, 2008 ("LLP Act")”. A LIMITED…