Limited Liability Partnership Act, 2008 brought with itself the concept of LLP .The benefits of LLP are that it is simple to maintain & it provides the privilege of limited liability to the owners. Thus combines the benefits of both company & partnership into a single organization. One partner is not responsible or liable for another partner’s misconduct or negligence. Therefore, all partners have a sought of limited liability for each individual’s protection within the partnership, similar to that of the shareholders of a corporation.
The only difference between the company and the LLP is that, the partners have the right to manage the business directly. Also the personal assets are free from the errors, omissions, incompetence, or negligence of the LLP’s employees or other agents. Thus, LLP is one of the easiest forms of business to incorporate and manage.