Meaning of Limited Liability Partnership (LLP)?
A Limited Liability Partnership (LLP) is a business structure where two or more people run a business together. The partners are not personally responsible for business losses beyond their investment.
LLP Business Activities
- Services: Includes professional services and consultancy firms.
- Trading: Covers both wholesale and retail business operations.
- Manufacturing: Suitable for small-scale manufacturing units.
Eligibility Criteria
- Age: All partners must be 18 years of age or older.
- Partners: A minimum of two partners is required to form the entity.
- Legal Activity: The intended business activities must be entirely legal.