Limited Liability Partnership (LLP) is slowly becoming quite favorable for an e-commerce. LLP is a partnership where the partners enjoy limited liability. In case of bankruptcy, the personal assets of partners are not affected as the company becomes a separate legal entity in front of law.
The following are the features of a LLP:
- Separate legal entity
- Minimum 2 partners required whereas, no limit for maximum partners
- Limited liability
- No minimum capital contribution