Limited liability partnership definition
Limited Liability partnership is incorporated under the Limited Liability Partnership Act, 2008 where unlike the traditional partnership have a separate legal entity, can hold property, having perpetual succession and there is no liability of one member to be responsible for the negligence or misconduct of the other member. According to the Indo American Chamber of Commerce the limited liability partnership is defined as “a hybrid between a company and a partnership” as LLP allows its members upon agreement to have flexibility in their internal structure and at the same time provides benefits of limited liability.