A Limited Liability Partnership (LLP) can prove to be a much better business vehicle than a regular partnership, more and more partnership firms are being converted into a LLP. LLP offers a host of features such as unlimited partners, limited liability protection, transferability, survivability and the LLP does away with the excessive regulations of the Indian Partnership Act, 1932. Furthermore, there are tax benefits, no audit requirements below a certain capital, no cap with regard to number of partners or capital contribution requirements.
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