The LLP Act has a mandatory requirement that one of the partners in the LLP have to be an Indian. As a consequence, the benefit of limited individual liability is not offered to all partners, and the 'general partner' who is in control of the ordinary day-to-day business of the firm has unlimited individual liability. An LLP combines the positive www.companyvakil.com aspects of both—‘LLP' and ‘Partnership'—in a single business enterprise entity. Liability: A LLP exists as a separate legal entity from its partners. You do not have to have to be present physically to register your Restricted

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