Glossary · Corporate Law
LLP
Limited Liability Partnership — a hybrid entity combining the benefits of a company (limited liability) and a partnership (flexible governance), governed by the LLP Act, 2008.
An LLP must have at least 2 designated partners (one of whom must be an Indian resident) and there is no maximum limit on the number of partners. LLP agreement defines the rights and duties of partners. LLPs pay no dividend distribution tax and are not subject to the elaborate compliance regime of a company (no AGM, no board meetings, no share capital). However, LLPs cannot raise equity capital from the public or issue shares.
Examples
Two chartered accountants set up 'CA LLP' to offer audit and advisory services, with limited liability and partnership-style flexibility.
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