A Limited Liability Partnership or LLP is a form of business Registration which offers the benefits of limited liability to the partners at low compliance costs.
LLP provides features of a partnership and the company are combined together.
LLP registration provides the flexibility of controlling the business operation in accordance with the partnership agreement whilst enjoying the limited liability status compared to a company which is subject to strict compliance requirements under the Companies Act 2013 in most of its affairs. The major advantage of setting up a LLP registration in India is that it has a separate legal entity from its partners and combines the advantages of both the Company and Partnership into a single form of organization. In Limited Liability Partnership (LLP) registration, one partner is not responsible or liable for another partner’s misconduct or negligence, this is an important difference from that of a unlimited partnership.