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The abbreviation or full form of LLP is Limited Liability Partnership
Additional information about LLP full form, abbreviation & meaning
Limited Liability Partnership (LLP) is a partnership where one partner is not responsible for the misconduct or negligence of another partner. In an LLP some partners have limited liability similar to that of the shareholders of a corporation.
Characteristics of LLP –
- Separate Legal Entity – LLP can be categorized as a separate legal entity. So in this sense LLP is similar to a company which also serves to be a separate legal entity. A company as a whole is considered as a separate legal entity, where its members are different from the company. Accordingly, an LLP as a whole is considered to be a separate legal entity because an LLP is different from its partners.
- No requirement of minimum capital – In order to set up a company, the basic and most important requirement is capital which should be brought by the owners who want to establish it. But when it comes to LLP there is no necessity or requirement of capital.
- A minimum number of members –