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LIMITED LIABILITY PARTNERSHIP

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A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations. It is governed by the provisions of Limited Liability Partnership Act 2008. Every LLP shall have at least two designated partners being individuals, at least one of them being resident in India. An LLP is similar in some ways to a standard Partnership, except that the individual members have lower liabilities to any debts which may arise from running the business.


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