Limited Liability Partnership (LLP) firms are new kinds of partnership firms where no partners are liable for other partner's misconduct or any liability. The liability of this partnership firm is limited unlike traditional form of partnership firm. Limited Liability Partnership (LLP) act 2008 defines the rules and regulations of the limited liability partnership firm and its procedure how to start and get it registered under the LLP act. In order to minimize the limitations of unlimited partnerships, limited liability partnership came into existence. As all the procedures are almost same with the unlimited partnership like minimum two members are required to start the partnership firm and both partners should be equally agreed to carry out a particular type of business with mutual trust and belief. Only "Limited Liability" is the biggest difference and all the limited liability partnership firms should be registered like Limited Liability Company as per the rules and regulations.
Limited Liability Partnership is a separate legal entity like limited companies under the LLP act 2008 in India. There are minimum two partners are required to form a limited liability partnership firm and no partner is legally liable for the misconduct of another. After registration, the word "Limited Liability" is used after its name. Limited liability partnership has the perpetual succession no matter which partner leaves or joins the firm. Limited liability partnership (LLP) follows same procedures and rules and regulations like limited company or other legal enterprises. Therefore, limited liability partnership registration is inevitable in order to continue its business as per the rules and regulations of the LLP registration act. An applicant must apply with all the information and details regarding kind of business and details of partners to the Registrar of the Companies (ROC) to get the LLP registration certificate.
