Question

what is the ROLES, DUTIES AND RESPONSIBILITIES of designated partners in limited liability partnerships?? . (150words)​

Answer 1

Answer:

Limited Liability Partnerships (“LLP” or “LLPs”) are a form of alternate corporate structuring that combines the flexibility of a partnership firm and the advantages of limited liability of a company at lower compliance costs. As a hybrid corporate business vehicle, LLPs provide the limited liability of a company while at the same time allowing its members the flexibility of organising their internal management on the basis of a mutually arrived agreement, such as in the case of a partnership firm. LLPs fill the need of organisation while subsequently providing flexibility without imposing onerous/ detailed legal and procedural compliances. They enable professional/ technical expertise and initiative to be integrated with limited financial risk taking capacity in an innovative and efficient manner.

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