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As the name suggests, in a limited liability partnership all the partners have limited liability which means that every partner is liable for its own actions and not for the acts of others. Unlike a Partnership firm Yoenis Cespedes Jersey , in a LLP if any negligence or misconduct is caused on the part of ant partner, all others will be excluded from the liability arising out of such misconduct or negligence and the negligent partner alone will be liable. In a limited liability partnership, partners have a direct say in the business i.e. they can manage the business directly. A LLP is governed by the Limited Liability Partnership Act 2008. One more distinguishing feature of LLP is that a separate legal entity which can sue and be sued in its own name.


Features of LLP:


1) As already stated in a LLP Jacob deGrom Jersey , all the partners are liable for their own acts and not for the negligence and misconduct of others.
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