Definition of LLP (Limited Liability Partnership)? Meaning of LLP (Limited Liability Partnership)?

Limited Liability Partnership (LLP): A Limited Liability Partnership (LLP) is a business organisation comprising two or more persons associated for carrying on a lawful business with a view to profit that is registered as such under the Limited Liability Partnerships Act (Cap 163A). Despite its name, it is not treated as a partnership and general partnership law does not apply to LLPs.

A partnership where the individual partner’s own liability is generally limited. An LLP is formed by registration under the Limited Liability Partnerships Act. It must have a minimum of two partners. There is no limit on the number of partners that an LLP may have. The partners can either be individuals or corporations such as company or LLP. An LLP does not have shareholders or directors and is taxed like a partnership.