Somebody please explain about LLP?
(B.Com Qualified CA CS - Final)
Replied 09 March 2012
In simple terms LLP (Limited Liability Partnership) is a amalgam of partnership and Company....
Here, partners' liability in the company is limited to the amount of their investment into the company. The partners are also not liable for some acts of the other partners in the business.
LLPs are meant for professionals like accountants, Chartered Accountants, Comopany Secretaries and Advocates.
The full form of LLP if Limited Liability Partnership, In this liability of partners' is limited to the amount of their investment in the firm.