A Limited Liability Partnership (LLP) is a business model that merges the operational flexibility of a partnership with the limited liability protection typically associated with a corporate entity.
Notable features of an LLP include:
- Limited personal liability for each partner
- Operational and structural flexibility
- Recognition as a separate legal entity from its partners
Any individual or corporate entity capable of entering into a legal agreement can become a partner in an LLP.
Key benefits of registering an LLP include:
- Limited liability for partners
- Flexible management structure
- Certain tax advantages
- Legal capacity to enter contracts and own property in the LLP’s name
The LLP Agreement is a formal document that outlines the roles, responsibilities, profit-sharing, and internal governance rules among the partners.
An LLP must have at least two partners to be legally formed, and there is no upper limit on the number of partners.
Yes, foreign individuals or entities may become partners in an LLP, subject to compliance with applicable foreign investment regulations.