ITR Filing for LLP Company- Overview

A limited liability partnership (LLP) is created in accordance with the Limited Liability Partnership Act of 2008. The individuals who are associated with it as its partners are not considered to be a part of it legally. The liability of the partners in an LLP is limited to the investment they have made in the LLP; the LLP is responsible for all of its assets. Because the partners' liabilities are limited to their agreed-upon participation in the LLP, the LLP's organisational form contains aspects of both a corporation structure and a partnership company structure. Additionally, a partner is not personally liable for any fraudulent acts.