Limited Liability Partnership (LLP) In India

One hugely popular and highly preferred category of entity for doing business in almost all economic sectors in the majority of the countries worldwide, is the limited liability company (LLC), along with the private and public limited corporations. In India and many other countries, these limited liability companies are better known as the Limited Liability Partnerships (LLPs). This long-awaited form of a company was introduced to the Indian corporate world in April 2009, through the innovative LLP Act of 2008. This unique form of legally recognized corporate entity integrates the features of both the limited corporations and the traditional partnership firms. As it is a unique hybrid combination of a limited company and a partnership, this LLP is especially suitable for small to medium-sized business or professional enterprises.