A Limited Liability Partnership Is The Most Common And Important Forms Of Business Organization, Limited Liability Partnership Is An Upgraded Version Of Partnership Having Benefits Of Company Form Of Business Organisation. Limited Liability Partnership Offer The Following Advantages
Separate Legal Entity
A Limited Liability Partnership is a legal entity and established under the LLP Act. Therefore a Limited Liability Partnership form of organization has wide legal capacity. The Partners of a Limited Liability Partnership have no liability to the creditors of a LLP for such debts. Hence, a Limited Liability Partnership is a legal entity separate from that of its partners.
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