Limited Liability Partnership Act 2008



Quick Summary
The Limited Liability Partnership (LLP) Act 2008 facilitates business by offering advantages over traditional partnerships and companies. An LLP requires at least two partners, one designated, and must use 'LLP' or 'Limited liability partnership' in its name. LLPs must maintain proper accounts and file annual statements. Audits are mandatory if turnover exceeds £40 lakhs or net worth exceeds £25 lakhs.

Limited liability partnership (LLP) is a new concept envisaged for ease of doing business which acts as an advantage compared to Partnership and Company. LLP can be constituted with 2 partners with one being designated partner. Every limited liability partnership shall use word either Limited liabil
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