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Please explain in simple terms the concept of Limited Liability Partnership.

Nimit Malhotra, Varanasi

LLP, popular in the western world and waiting in the wings in India, is a concept that supposedly marries the best features of company law and partnership law.

The hallmark of the company form of organisation is limited liability for its members. And the hallmark of a partnership is the freedom to carry on business hassle-free, untrammelled by disclosure and compliance requirements.

LLP affords, especially the professionals, the best of both the worlds by giving them the comfort of limited liability with the sleeping partners shouldering the burden of unlimited liability to creditors.

S. MURLIDHARAN

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