Private Limited Company to LLP
Limited Liability Partnerships are popular due to the multiple advantages as they are a mixture of both Company and Partnership firms. LLP offers the benefits of a Company and the flexibility of Partnerships. The Limited Liability Partnership is a legal entity where the liability of the partners is limited. The LLPs can enter into contracts and holding properties in their own name. The LLP is a separate legal entity, liable to the full extent of its assets but the liability of the partners is limited to their agreed contribution in the LLP. LLPs are preferred form of business as it is an alternative corporate business vehicle that provides the benefits of limited liability of a company and allows its members the flexibility of organizing their internal management on the basis of a mutually arrived agreement, as is the case in a partnership firm.