devesh gehani
A Limited Liability Partnership is a firm with at least two members (which can increase to five Designated Partners (without DIN)) and no limit on the maximum number of members. Members of an LLP have limited liability.
When you incorporate the business as an LLP, the members are not liable for the loss incurred, debts owed, or payment due by the LLP because of the feature of limited liability. When you register as an LLP, you only need 2 partners, and you can have as many as you like, as there is no limit specified.
The Private Limited Company offers a lot of advantages, from limited liability protection to easy transfer of shares. However, the feature of limited liability protection restricts the members to offer shares in an open market. So in this blog we discuss the meaning of Private Limited Company as well as the advantages and disadvantages.
