According to the Ministry of Corporate Affairs, Limited Liability Partnerships registration is an alternative corporate business form which offers the benefits of limited liability and flexibility partnership to a single organization at low compliance rates. It is a legal entity, liable for the full extent of its assets. It is far different from the traditional partnership. In general, the partnership is created by the mutual understating between two or more parties to make money and it is quite informal. But, the LLP is a formal structure that requires a written partnership agreement and usually comes with annual reporting requirements depends on the legal jurisdiction.
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