The salient features of the LLP are as follows:
LLP is a body corporate and a legal entity separate from its partners, can own assets in its own name, sue and be sued.
The mutual rights and duties of partners of an LLP are governed by an agreement between partners or between the LLP and the partners, subject to the provisions of the LLP Act, 2008. In the absence of any such agreement, the mutual rights and duties shall be governed by the provisions of the LLP Act.
The LLP is a separate legal entity, liable to the full extent of its assets, with the liability of the partners being limited to their agreed contribution in the LLP which may be of tangible and/or intangible nature. No partner is liable on account of the independent or un-authorized actions of other partners or their misconduct. The liabilities of the LLP and partners who are found to have acted with intent to defraud creditors or for any fraudulent purpose shall be unlimited for all or any of the debts or other liabilities of the LLP.
Every LLP have at least two partners and at least two individuals as Designated Partners, of whom at least one should be a resident in India. The duties and obligations of Designated Partners is as provided by the law i.e. LLP Act. read more....
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