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  Introduction The basic difference between regular partnership firm and Limited Liability Partnership is the extent of liability of each partner. In regular partnership firm the liability of each partner is unlimited which means that every partner is liable for the act done by other partners. Whereas in Limited liability partnership the liability of each partner is limited up to the extent of capital contribution introduced by each partner.   The process of partnership firm registration in gujarat is somewhere difference than the registration of Limited liability partnership (LLP). One can also convert their regular partnership firm into LLP by following few steps as mentioned below. Process to convert Partnership Firm to LLP 1) Getting the DPIN (Designated partner identification number): The process to convert partnership firm requires few mandatory steps to be taken which starts from getting DPIN (Designated Partner Identification number. Those partners who are supp...

  Introduction: The LLP is termed as Limited Liability Partnership , basically a partnership firm with limited liability on its partners. The regular partnership firm is quite different than that of the LLP. In this article we will see the difference between regular partnership firm and LLP along with some of the important features of LLP. An LLP is a format where partners comes together to form a partnership firm which has legal backing. It is Partnership firm with benefits of company. What is LLP? An LLP is the partnership firm regulated by Limited Liability Partnership Act, 2008. The concept of LLP is formed in order to limit the liability of its partners and to conduct of the partners. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The liability of all the partners in any regular partnership firm is unlimited which means that an act of other partners is binding on all the partne...