Question

What is a limited partnership?

Answer 1

Limited partnership, as recognized under the Limited Liability Partnership Act, 2008, in India, is a form of business organization that combines features of both a partnership firm and a company. It requires registration under the Act, with a minimum of two partners and no limit on the maximum number of partners. Unlike a general partnership, an LLP has a separate legal entity and perpetual succession, meaning it continues to exist independently of changes in the partnership.