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Limited Liability Partnership Act, 2008
What is Limited Liability Partnership (LLP) Act, 2008?
is a milestone Indian statute that created a hybrid business vehicle combining the operational flexibility of a partnership with the limited-liability shield of a company.
Body corporate — Provision / Banker's takeaway?
Provision: Sec. 3(1); Banker's takeaway: LLP can sue and be sued in its own name
Separate legal entity — Provision / Banker's takeaway?
Provision: Sec. 3(1); Banker's takeaway: Distinct from its partners — assets belong to LLP, not partners
Perpetual succession — Provision / Banker's takeaway?
Provision: Sec. 3(2); Banker's takeaway: Death/retirement of partners does not dissolve the LLP
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