Limited Liability Partnership (LLP) is a type of business which is a hybrid in between a company and partnership. It is an alternative corporate business module in which the partners are liable to limited liabilities at low compliance costs. It is a legal entity which must have a minimum of two partners and is eligible for perpetual succession.
It allows the partners to organize the internal structure just like a traditional partnership. It is defined under section 2(n) of Limited Partnership Act, 2008.
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