ENTREPRENEURSHIP

Detailed explanation-1: -The LLP has characteristics similar to a general partnership (GP), but has limited liability protections similar to that of a limited liability company (LLC). The main characteristics of an LLP are creation, maintenance, continuity, ownership, control, personal liability, compensation, and taxation.

Detailed explanation-2: -An LLP is a hybrid form of organisation having features of a partnership firm under the Partnership Act, 1932 and a company under the Companies Act, 1956/2013. The LLP’s are administered by the Registrar of Companies.

Detailed explanation-3: -LLP stands for Limited Liability Partnership. Limited liability partnership definition – It is an alternative corporate business form that offers the benefits of limited liability to the partners at low compliance costs. It also allows the partners to organize their internal structure like a traditional partnership.

Detailed explanation-4: -The Indian Partnership Act, 1932 governs partnership firms. The registration of an LLP as per the LLP Act is mandatory. The registration of a partnership firm under the Indian Partnership Act is voluntary. An LLP should submit the registration form and all the subsequent e-forms with the Registrar of Companies.