LLP is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, as a hybrid of companies & partnerships providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership.
A LLP is a new form of business entity with limited liability.
In the absence of LLP agreement, the mutual rights of corporates, at least two individuals who are partners of such limited liability partnership or nominees of such bodies corporate shall act as designated partners.
40 lakhs in any financial year or contribution by partners exceed Rs.
Instead, the income is taxed in the hands of the partners only when it is distributed as profits or remuneration.