LLP is Defined Under Which Act
The Limited Liability Partnership (LLP) is a legal entity that is established and regulated by the Limited Liability Partnership Act of 2008.
This act provides the legal framework for the establishment, operation and regulation of LLPs in India.
LLP Act 2008 outlines the rights, duties, and obligations of partners. The act determine the process of formation and registration of LLPs, the management and operation of LLPs and other relevant provisions.
The LLP Act came into existence to introduce a business structure. That combines the advantages of limited liability with the flexibility and simplicity of partnerships.
It provides a separate legal entity status to LLPs, ensuring limited liability protection for the partners. It allows them to actively participate in the management and decision-making of the business .
However, The LLP Act sets out various provisions related to the incorporation and registration of LLPs. It requires for maintaining books of accounts, filing of annual returns, dissolution as well as winding up procedures pertaining to the functioning of LLPs.
Finally, It’s important to refer to the specific provisions of the LLP Act as well as any subsequent amendments or regulations issued by the government. It ensures compliance with the legal requirements applicable to LLPs in India.
To visit https://www.mca.gov.in
For further details access our website https://vibrantfinserv.com