Ch 4 · Limited Liability Partnership Act, 2008

5 concept points · 0 formulas · 4 exam-critical points.

📘 Core concepts

• 1LLP: hybrid — body corporate with separate legal entity, perpetual succession.
• 2Minimum 2 partners; at least 2 designated partners (one resident in India).
• 3Liability of partners limited to agreed contribution.
• 4Mutual rights and duties governed by LLP Agreement (filed in Form 3).
• 5LLP audit mandatory if turnover > ₹40 lakhs or contribution > ₹25 lakhs.