What Is LLP?

LLP stands for ‘limited liability partnership’. As per MCA LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership, which means no partner is liable on account of the independent or un-authorized actions of other partners and mutual rights and duties of the partners within an LLP are governed by an agreement between the partners. Hence LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ and is called a hybrid between a company and a partnership.