A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. LLP is governed by Limited Liability Partnership Act 2008. A limited liability partnership is a form of business partnership where all of the owners have limited personal liability for the financial obligations of the business.
Key Features of LLP-
- Limited personal liability provided to each of the partners.
- Double advantage of a company and a partnership.
- Cheaper to incorporate than a private limited company.
- More Credibility than Partnership Firm.