What is the full form of LLP?
The full form of LLP is Limited Liability Partnership. An LLP is a legal structure that combines elements of a traditional partnership with the concept of limited liability, providing a form of business organization in which the partners have limited personal liability for the debts and actions of the LLP.
LLP Full Form
LLP (Limited Liability Partnership) is a corporate entity distinct from its affiliates and has a fixed succession plan. This special business structure with a minimal cost of compliance can combine the limited liability advantages of a corporation with the flexibility of a typical partnership. LLPs are very flexible legal and tax products that allow partners to achieve economies of scale by working together and reducing their disadvantages from the actions of their counterparties as required. Basically, it has been discovered that before causing too much excitement for any legal product as well as it is important that a person analyses legislation in their respective country and their own state. The fundamental goal of any partnership is to produce a good through the combined efforts of two or more parties in this process which is an extremely technical way of describing two or more people cooperating to gather funds.
Table of Content
- What is the full form of LLP?
- History of LLP
- Features of LLP
- Advantages of LLP
- Disadvantages of LLP