[feb] Limited Liability Partnership (LLP) Act:

Question 1

what?

Answer 1

-partnership in which some or all partners have limited liability.

one partner is not responsible or liable for another partner’s misconduct or negligence.

Question 2

Salient features?

Answer 2

-it’s corporate and legal entity separate from its partners.

Question 3

Composition?

Answer 3

• at least two designated partners being individuals

- one of them being resident in India

Question 4

Need for and significance LLP?

Answer 4

provides the benefits of limited liability of a company but allows its members the flexibility of organizing their internal management on the basis of a mutually arrived agreement, as is the case in a partnership firm.