Limited Liability Partnership (LLP) is an excellent way to offer protection to Entrepreneurs venturing into partnership. In LLP one partner of the company is not liable or responsible for another partners misconduct. A Limited Liability Partnership is also ideal for small businesses.
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Limited Liability Partnership is a partnership where all the partners of the firm are protected by limited liability. It's quickly becoming a popular way of doing business as it offers many advantages to the shareholders. In an LLP every partner is responsible for their acts and not liable for others negligence and misconduct. LLP was introduced in April 2009 in India.
LLP is a legal entity separate from its owners and can have its assets and property. LLP is widely popular not only in India but also in the UK and Australia.
Rent Agreement/Electricity Bill/Water Bill