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Limited  Liability Partnership (“LLP”) is a corporate entity type in India suitable for small and medium-sized businesses. An LLP is governed under Limited Liability Partnership Act, 2008 and the rules framed thereunder.

Any two people associated with carrying lawful business with aim of making a profit can set up an LLP. Setting up of Limited Liability Partnership in India is a well-structured process.

The meaning, process of registration, advantages and the documents required for establishing an LLP are mentioned as follows:

What is a Limited Liability Partnership?

An LLP is a hybrid business structure that includes the advantages of both a limited liability company and the flexibility of a partnership. LLP establishes itself as a separate legal entity which means that it continues to exist irrespective of change in partners and the liability of the partners is limited to their contribution. The LLP can enforce contracts and have properties in its name.