Separate Legal Entity

• An LLP is recognized as a separate legal entity distinct from its partners.
  
• It can own, hold, and transfer assets in its name.
  
• The LLP can enter into contracts and legal agreements independently.y
  
• It can sue and be sued in its name.
  
• The identity of the LLP is not affected by changes in partners.
  

Incorporation under Law

• LLPs in India are formed under the Limited Liability Partnership Act, 2008
  
• Incorporation is completed by registering with the Registrar of Companies.
  
• Upon incorporation, the LLP receives a Certificate of Incorporation from the Ministry of Corporate Affairs.
  
• The LLP is governed by the provisions of the LLP Act and its internal LLP agreement.
  
• The legal existence of an LLP begins from the date of incorporation.n
  

Limited Liability of Partners

• Partners in an LLP have liability limited to their agreed capital contributions.
  
• They are not personally liable for the LLP’s debts or actions.
  
• Personal assets of partners are protected under normal business conditions.s
  
• Liability arises only in cases of fraud, misconduct, or wrongful acts by a partner er.
  
• Each partner is an agent of the LLP, not of other partners.
  

Perpetual Succession

• The LLP continues to exist regardless of changes in its partnership.
  
• Admission, resignation, death, or insolvency of a partner does not affect the LLP’s status.
  
• Legal existence is maintained unless formally dissolved as per law.
  .
• Continuity supports business stability and long-term operation.s
  
• The LLP’s obligations and rights remain intact through partner changes.
  

Recognition and Regulation

• The LLP is a recognized legal business form for professionals and businesses.s
  
• It is regulated by the Ministry of Corporate Affairs and is subject to statutory filings.
  
• The Registrar of Companies maintains the legal records of every L.L.P..
  
• It must comply with registration, filing, and reporting standards prescribed by law.
  
• Its legal status ensures credibility and accountability under the Indian legal system.