The Main Features of Limited Liability Partnership
The most important features of the LLP Act of 2008 are as follows:
- The LLP is to be considered a body corporate. It is a legal being with an identity separate from its partners.
- The succession of the LLP is said to be permanent in nature
- Both the relations between the LLP, its partners and the relationship between the partners will be administered by the agreement between the two. This agreement is further subject to the considerations provided under the LLP Act of 2008.
- The LLP should be considered a separate legal identity, with liability extending to the limit of its assets. The liability of the partners will be limited to contributions they have made to the LLP, both material and non material.
- The Indian Partnership Act of 1932 is not relevant to the LLP.
- The rights of the partners under the LLP are decided by the LLP itself.