Question

what is limited liability partnership

Answer 1

A limited liability partnership is a partnership in which some or all partners have limited liabilities. It therefore exhibits elements of partnerships and corporations

Answer 2

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Limited Partnership is now allowed in India under the Limited Liability partnership act,2008.

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Advantages of Limited liability partnership are as follows :-

•An LLP is seperate legal entity independent of the partners. It is capable of owning and holding property in it's own name.

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•It is much more stable than a general partnership because it is not dissolved by the retirement, insolvency, death and other. It have perpetual existence.

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•The liability of partners in LLP is limited, they have not to take unlimited risk.

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•As there is no limit on the number of partners, an LLP can raise huge funds for expansion and growth of business.

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#BAL

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