Incorporation of LLP
The Limited Liability Partnership (LLP) is an incorporated business organization, which possesses elements of both a Partnership Firm and a Limited Company. In limited liability partnership, some of its partners have limited liability like shareholders to a corporation. However, in some countries, there is at least one partner with unlimited liability. Again, the designated partners to LLP have the right to manage their internal and external business affairs directly, in accordance with the LLP Agreement. Its every partner has its own responsibilities and liabilities, and one is not responsible or liable for any misconduct, negligence, or delinquency of other partners to LLP.
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