

    <h2 class="mb-3">Limited Liability Partnership (LLP)</h2>
    <p class="text-muted">LLPs combine the benefits of a company and a partnership structure...</p>

                    <h4 class="">Features of LLP</h4>
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                                   Legal Status of LLPs: LLPs enjoy separate legal personality status, independent of their partners, to hold assets, contract, and sue or be sued in their name.
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                                   Flexibility in Management: Flexibility in management structure and decision-making is provided through LLPs. Partners can either manage the LLP themselves or designate specific managers or committees for particular functions.
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                                   Liability Protection: LLP members have limited liability, such that their private property is protected against the debts and liabilities of the LLP. Only to the extent of the contribution agreed by them are the partners liable.
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                                   Minimum Compliance Requirements: Compared to companies, LLPs have fewer compliance requirements. They are exempt from the requirement of holding annual general meetings (AGMs) or keeping extensive statutory records, thus reducing administrative hassles.
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                                   Taxation Advantages: LLPs are taxed as a partnership, and the profits are received by the partners who are taxed individually. It prevents double taxation that is seen in case of companies where both the company and shareholders are taxed.
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                                   Perpetual Succession: LLPs possess perpetual succession, and it means that the LLP remains in existence even if there is a change in partners through retirement, resignation, or death. The existence of the LLP will not be impacted due to changes in its membership.
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                                   Ease of Transferability: LLP interests are transferable with ease, depending on the LLP agreement. This makes changes in investments and ownership possible without interfering with the operations of the LLP.
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