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What does LLP stand for in a legal profession?

Anonymous

∙ 18y ago

Updated: 9/11/2023

Limited Liability Partnership. It is similar to a form of incorporation and creates a legal entity that has specific tax and documentation requirements.

Wiki User

∙ 18y ago

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Related Questions

What does LLLP stand for in legal profession?

LLP stands for Limited Liability Partnership

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What does LLP after a name stand for?

Limited Liability Partnership

What is a LLP degree?

There is no such degree that I am aware of. However LLP might signify a Limited Liability Partnership, a form of legal business partnership.

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What are the advantages of registering an LLP in India?

The advantages of registering an LLP in India include: Limited Liability: Partners' liability is limited to the extent of their contribution to the LLP. Separate Legal Entity: The LLP is a separate legal entity from its partners, allowing it to own assets, incur liabilities, and enter into contracts. Flexibility in Management: Partners have the flexibility to manage the LLP as per the LLP agreement without adhering to stringent regulations. No Minimum Capital Requirement: There is no minimum capital requirement to start an LLP. Tax Benefits: LLPs enjoy certain tax advantages and exemptions, such as not being subject to dividend distribution tax.

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PLL in the legal profession typically stands for "Professional Limited Liability Company." This is a specific type of business entity that provides liability protection to professionals, such as attorneys and accountants, while allowing them to operate as a limited liability company.

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