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Limited Liability

Partnership

Governed by Law- Limited Liability Partnership Act,


2008.
Hybrid form of Company and Partnership, i.e. liability is
limited; and partners can choose their internal
operations
Prevalent in organizations, which are not product/
manufacturing centric.
No minimum capital needed. Mere registeration under
LLP Act.
Winding Up Provisions, same as Company- Voluntary, or
by Court

Salient Features
Pg. 448; Legal Aspects of Business by Ravinder Kumar

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