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Limited Liability Partnership (LLP)

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Concept of Limited Liability Partnership (LLP) was introduced in India by Limited Liability Act, 2008. The basic objective behind introducing concept of LLP was to provide Limited Liability to its members and at the same time it is easy to maintain. The unique feature of LLP is that one partner is not liable for the negligence or misconduct of another partner and it has combination of advantages of a Private Limited Company and Partnership Firm. Limited Liability Partnership is considered as separate legal entity and partners are liable only to the extent of their capital contribution.

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