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Limited liability partnership (LLP) is a partnership in which some or all partners(depending on the jurisdiction) have limited liabilities. It therefore exhibits elementsof partnerships and corporations. In an LLP, one partner is not responsible or liablefor another partner's misconduct or negligence. A Limited Liability Partnership,popularly known as LLP combines the advantages of both the Company andPartnership into a single form of organization. Limited Liability Partnership ismanaged as per the LLP Agreement.

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