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limited liability partnership

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(Querist)
27 December 2009
why there is need to introduced the limited liability partnership act ? what is the difference betn LLP and companies act?reason in which area from where we will have benefit from it?
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CA Sidhi Gaur

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CA Sidhi Gaur (Expert)
29 December 2009 if u are a propreitor or a partnership firm then conversion to LLP will be useful.first being limited liability of the partners to the extent of contribution.
secondly there is no restriction on the number of partners as wel.
also LLP is considered a separate legal entity, separate from its partners.
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vaishali

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vaishali (Querist)
30 December 2009 in case of company it is also having a seperate legal entity and considered as separate from its partners.
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