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An LLP, or limited liability partnership, is a common company structure. It possesses traits of both a partnership firm and a company. It can be managed with the same flexibility as a partnership firm, but it has the advantages and features of a private limited company. An LLP’s partners join forces to conduct business in accordance with an LLP agreement. Compared to a company, an LLP has fewer compliance requirements, but because it functions as a separate legal entity from its partners, the partners’ responsibilities are limited. As a result, an LLP requires less documentation than a business does.
The LLP Act of 2008 brought Limited Liability Partnerships (LLPs), a relatively new form of commercial company, to India. The majority of LLP registrations are made by small enterprises, and as the FDI regulations pertaining to LLPs have recently been loosened, more foreign nationals and non-resident Indians are interested in registering an LLP
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