What is a Limited Liability Partnership?
An LLP is a body corporate with a legal identity separate from its partners. It combines partnership-style internal flexibility with perpetual succession and liability protection structured under the Limited Liability Partnership Act, 2008.
The LLP itself owns assets, enters contracts and bears obligations. A partner is generally not personally liable merely because another partner acts wrongfully, although personal wrongdoing, fraud, guarantees and statutory responsibility can create liability.
Agreement matters: Partner economics and management rights should be written deliberately. Default statutory provisions may apply where the agreement is silent.




