Glossary
LLP
Limited Liability Partnership
An LLP is a hybrid corporate business vehicle that combines the flexible internal management of a traditional partnership with the limited liability protection of a company, safeguarding partners' personal assets from business debts.
Where it appears in practice
It matters for professional services firms and small-to-medium businesses that want corporate status and limited liability without the heavy compliance burden of a private limited company.
A worked example
Three chartered accountants start an advisory firm. They register an LLP. If the firm is sued for ₹50 Lakhs [VERIFY], the partners' personal savings are protected; their liability is limited to their agreed capital contribution in the LLP.
Related terms
Let the practice handle it
This term sits inside real compliance work — returns, filings, and deadlines. That work is one of the services the practice runs end to end.
Entity Formation