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A limited liability partnership is a partnership form of business which has a separate legal entity from its partners having a perpetual succession. In India it is governed by Limited Liability Partnership Act, 2008 as amended from time to time.
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For transfer0 of ownership of the company, one has to transfer the shares of the said company or even add or remove a director in the company. Preference is given to the existing shareholders and then to the outsiders.
Under LLP, the liability of its partners is limited to their agreed contribution in LLP. However, on the other hand, LLP registration creates a separate legal entity for itself and it is liable to the full extent of its assets. Due to its unique feature of merging benefits of both the partnership firm and the company, LLP has become the most preferred form of organization.
The registered office of LLP (Limited Liability Partnership) is the official address of the principal place of business and for all the communications. Books of accounts of LLP must be maintained at the registered office. However, if any time after the LLP registration, it needs to change the registered office to any other place, there is a procedure to.
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