Limited Liability Partnership – Structure of the Company, Flexibility of Partnership
What is a Limited Liability Partnership?
Limited Liability Partnership or LLP is a business structure which is formed by a legal LLP agreement. This LLP agreement holds information about how your business will run such as who will become the designated partner or assigned roles of various partners.
However, it is necessary to have at least two designated partners who will assume responsibility for the partnership’s actions. At least one of these two partners should be an Indian resident. If all the partners are body corporates, then nominees should be appointed to work as designated partners. Further, it is also required that the name of the company contains ‘Limited Liability Partnership’.