As the name implies, limited liability partnerships combine the qualities of corporations and partnerships. They have limited liability in the company, which means that their personal assets cannot be used to pay off the company’s debts. Due to the fact that there are several partners in the firm, they are not legally liable or responsible for one another’s actions. Since it is a very popular company structure in recent years, many entrepreneurs are opting for it. A limited liability partnership was first introduced in India in April 2009 under the Limited Liability Partnership Act of 2008. This legal structure is […]