Limited Liability Partnership

Limited Liability Partnership is partnership firm which is formed and incorporated under LLP Act, 2008. LLP is a body corporate which gives benefit of a company as well as Partnership firm. Partners of LLP have limited liability as per their agreement with LLP. It is formed by Two Partners. There is no limit for maximum partners. Moreover partner can be individual or body corporate.

Following are the individual which cann't become the partners of LLP,

• Individual who has been found to be unsound mind
• Individual has an undischarge insolvent, or
• Individual who has applied to be adjudicated as an insolvent and has application is pending.