LLP

A Limited Liability Partnership (LLP) is a legal business structure that combines elements of both partnerships and corporations, providing limited liability to its partners.

  1. Limited Liability:
    • Similar to a corporation, the partners in an LLP have limited liability. This means that their personal assets are generally protected from the business debts and liabilities of the LLP.
  2. Legal Entity:
    • An LLP is a separate legal entity from its partners. It can own property, enter into contracts, sue, and be sued in its own name.
  3. Number of Partners:
    • An LLP must have a minimum of two partners. There is no maximum limit on the number of partners. Partners can be individuals or corporate entities.