LLP: A hybrid composition of company and partnership firm
Business organizations and entrepreneurs all over the world have a great demand and urge for running their business activities in a systematic, flexible and adaptable approach. Majority of the entrepreneurs and enterprises who carry their business activities in a stringent procedure and traditional approach are now trying to change the pattern and conduct the business in to a new structured form named as LLP. It has been seen since the last few years that small and middle class business persons and firms are converting their business in to LLP in order to derive a smooth functioning of the business with lesser risk, limited liability and lesser compliance of rules and regulation. The current paper put emphasis on the comparative analysis of partnership firm and Limited Liability partnership in regard to the formation, structure, functions, liabilities and so on. The author has also focused on the comparative analysis of the winding up process of the two separate entities.