Introduction
A limited liability partnership is important because it has features of both, a partnership and a company. An LLP registration is overlooked by the Ministry of Corporate Affairs (MCA) and the Limited Liability Partnership Act of 2008. Limited liability is the most important characteristic of an LLP. It means that the ability of an LLP allows partners to be free from any obligation to use their personal assets for paying off the debts of the company, unlike in the partnership Act of 1932.
Read More :- Why choose LLP? Ability of an LLP to contract and sue