Limited Liability Partnership (LLP)
An LLP gives the owners the ﬂexibility of operating as a partnership whilst giving them limited liability. It combines the beneﬁts of a partnership with those of private limited companies.
The LLP is a body corporate and has a legal personality separate from its partners. The LLP has perpetual succession. Any change in the partners of a LLP shall not affect its existence, rights or liabilities.
The partners of the LLP will not be held personally liable for any business debts incurred by the LLP. However, a partner may be held personally liable for claims from losses resulting from his own wrongful act or omission. That said, a partner shall not be personally liable for such wrongful acts or omissions of any other partner of the LLP.
An LLP is required to keep such accounting and other records which sufficiently explain the transactions and financial position of the LLP.