LLP & Partnership Hub: Glossary: practical Indian finance and law guidance from Finin2min.
| Term | Meaning |
|---|---|
| LLP | A body corporate formed under the LLP Act. |
| Designated partner | Partner with specified statutory responsibilities. |
| Contribution | Money, property, benefit or service obligation recorded as partner contribution. |
| First Schedule | Default mutual-rights framework where agreement is silent. |
| Holding out | Representation that may create liability as a partner. |