Section 2 of LLP Act, 2008 : Section 2: Definitions

Explanation using Example

Imagine a group of four friends—Amit, Priya, John, and an existing company XYZ Pvt. Ltd.—decide to start a new business venture together. They want to establish a legal structure that allows them flexibility and limited liability. They choose to form a Limited Liability Partnership (LLP), which is a partnership registered under the Limited Liability Partnership Act, 2008.

They draft a Limited Liability Partnership Agreement, detailing their mutual rights and duties, and the duties of the LLP towards them. Amit, Priya, and John provide their usual residential addresses, while XYZ Pvt. Ltd. provides its registered office address as their respective addresses for the purpose of the LLP.

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