Definition of Limited Liability Partnership A Limited Liability Partnership (LLP) is a legal business structure formed under the Limited Liability Partnership Act, 2008. It blends the characteristics of a traditional partnership and a corporate body. LLP is recognized...
Introduction Winding up a Limited Liability Partnership (LLP) is a structured process that brings its operations to a legal end, settles liabilities, and distributes remaining assets among partners. The reasons for winding up can include voluntary decision, business...
Introduction Fraud committed by a partner in a Limited Liability Partnership (LLP) can seriously undermine the trust, operations, and financial integrity of the business. Given that LLPs are built on the principles of mutual trust and shared responsibility, instances...
Introduction Liability is a fundamental concept in business law that determines the extent to which a person is financially responsible for the debts and obligations of a business. The distinction between general liability and limited liability significantly...
Introduction Limited Liability Partnerships (LLPs) have emerged as a preferred structure for offering professional services in India due to their unique blend of flexibility, limited liability, and legal recognition. Introduced through the Limited Liability...
Introduction The share of profit allocation in a Limited Liability Partnership (LLP) is a fundamental aspect of its financial structure and plays a critical role in defining the economic relationship between partners. Unlike traditional partnerships or companies, LLPs...
Introduction Maintaining accurate and updated master data of a Limited Liability Partnership (LLP) is essential for ensuring legal compliance and transparency in business operations. The LLP master data is a consolidated record maintained by the Ministry of Corporate...
Introduction The lifecycle of a Limited Liability Partnership (LLP) in India is governed by the Limited Liability Partnership Act, 2008, and the LLP Rules, 2009. From incorporation to regular compliance and eventual closure, each stage involves the submission of...
Introduction In any business relationship, especially one as collaborative and legally binding as a Limited Liability Partnership (LLP), disputes may arise due to differences in opinion, financial disagreements, or misinterpretations of responsibilities and rights. To...
Introduction Limited Liability Partnerships (LLPs) have become a popular form of business structure in India due to their flexibility, limited liability, and hybrid nature, combining aspects of both partnerships and companies. However, when it comes to labour law...