Limited liability partnership (LLP) is a partnership formed and registered under the Limited Liability Partnership Act, 2008. An LLP is a legally separated entity from that of its individual partners. As a corporate body, an LLP is legally liable to the full extent of its assets, but the liability of its partners is limited to their contribution in the LLP. There is no personal liability of a partner except in the case of a fraud. Moreover, a partner is not responsible or liable for another partner’s misconduct or negligence as there is no joint liability in the case of LLP.
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