Limited Liability Partnership (LLP)

Limited Liability Partnership is such form of business where 2 or more people come together to form a Partnership for doing a business. Limited Liability Partnership is also popularly known as LLP and it also enjoys the benefit of a separate legal identity which is not available in a normal partnership. In this form of business, the liability of Partners is Limited, in other words, Partners are liable to pay to the extent of the money they have contributed to starting the LLP. Each Partner in LLP is responsible for their own actions and cannot be made liable for the misconduct or negligence of another Partner.