B.Com Qualified CA CS - Final
306 Points
Joined July 2008
Hi,
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.