Limited Liability Partnership

The document discusses the Limited Liability Partnership (LLP) Act introduced in India in 2008. It provides 3 key points: 1) The LLP Act was introduced to fill the gap between traditional partnerships and companies by allowing businesses to benefit from limited liability like companies but maintain tax benefits of partnerships. 2) An LLP must have a minimum of 2 partners and liability is limited to the amount invested by each partner. It provides greater flexibility than traditional partnerships or private companies. 3) While the LLP structure provides benefits, some tax and regulatory issues still need clarification like how LLPs will be taxed and if rules for private companies also apply to LLPs. The LLP Act