Define Limited Liability Partnership (LLP)? What are its advantages an

Question

Define Limited Liability Partnership (LLP)? What are its advantages and disadvantages? Differentiate LLP with other forms of Business Organisations.

03 Mar 2025

Answer :

Word Count : 582

A Limited Liability Partnership (LLP) is a hybrid business structure that combines elements of a partnership and a corporation. It offers limited liability to its partners while allowing them to actively manage the business. LLPs are governed by specific laws, such as the Limited Liability Partnership Act, which outlines the rights, responsibilities, and regulatory requirements for such entities.

An LLP is a separate legal entity, meaning it has its own identity distinct from its partners. It can own assets, enter into contracts, and be held liable for debts in its own name. The partners in an LLP are not personally responsible for the debts and obligations of the business beyond their agreed contributions. This makes LLPs a preferred choice for professionals, small businesses, and service-based firms.

### Advantages of LLP

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