What are some key benefits/ reasons of the conversion of partnership firm into a LLP?

magusJune 19, 2020

The liability of the members or the directors are limited in case of LLP whereas in case of partnership firm the liabilities are unlimited
The LLP is more transparent structure of business as compared to partnership firm
The benefit of startup recognition under the startup India scheme of the government of India can be availed by a LLP and not by any partnership firm.
The LLP has a separate legal identity as compared to a partnership firm.
The venture capitalist gets attracted to invest in a LLP.

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