Limited Liability Partnership
The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. In LLP, one partner is not responsible or liable for another partner's misconduct or negligence; this is an important difference from that of unlimited partnership. In an LLP, there is limited liability towards all the partners. Legaljini can help you with the formation of the LLP by obtaining relevant registration.
Advantages of Limited Liability Partnership
An incorporated company has perpetual succession. Perpetual Succession means the company shall continue to exist even if the member dies or ceases, etc. Nidhi companies are not affected by the status of their owner when it comes to their existence. Changes within the management does not bring any affect to the identity of the company, the Company will remain the same with same privileges, immunities, estates and possessions. The Company shall continue to exist till its wound up in accordance with the provisions of the relevant law. Death or inability to continue of owner does not hinder the proceedings of the company.
The nidhi company enjoys the benefit of limited liability. The liability of the company is different as from its members of a company. Liability for debts incurred by the company lies in the company itself and not on the members. If anything happen to the company, its members are personally affected.
A producer company being an entity, can acquire, own, enjoy and alienate, property in its own name. No member can make any claim upon the property of the producer company as long as it is a going concern.