Limited liability partnership is a combination of both partnership and corporation. As the name suggests, the partners have limited liability in the company, which means that personal assets of the partners are not used for paying off the debts of the company. There are a number of partners in the firm and hence they are not liable or responsible for others’ misconduct and every one is liable for their own acts.
All LLPs in India are governed under the Limited Liability Partnership Act, 2008. An LLP acts as a separate legal entity distinct from its owners. It can enter into a contract and acquire property in its name.