Author: Aditya Jaiswal, Student at Amity Law School, AUUP, Lucknow Campus.
Co-Author: Ishita, Student at Amity Law School, AUUP, Lucknow Campus.
ABSTRACT
A type of business structure known as a limited liability partnership (LLP) combines the advantages of a partnership and a limited liability company. It is a widely-liked type of corporate structure for experts like accountants and attorneys as well as for small and medium-sized businesses. This research study examines the characteristics, benefits, and drawbacks of LLPs. The procedure for establishing an LLP and the legal framework for LLPs in various nations are also covered in the paper. A common type of company organization is the limited liability partnership (LLP), which combines the benefits of a typical partnership with the security of limited liability. The Limited Liability Partnership Act, which went into effect in 2008, introduced the LLP structure in India. The LLP offers several advantages to its partners, including flexibility, tax efficiency, and ease of formation.
Keywords: Limited, Liability, Partnership, Company, Security.
