LLP
Limited Liability Partnership Act, 2008 introduced the Limited Liability Partnership, an alternative corporate business form, with advantages offered like limited liability at a low compliance expenses. The key feature or advantage of a LLP over a traditional partnership being that a partner is not liable for another partner’s misdemeanor or negligence . It also provides limited protection for the partners over any debts acquired by the LLP. Here the partners have the right to manage business directly unlike a private limited company.
LLP has gained popularity with its low compliance costs, and easy process of incorporation , and preferred by small businesses, that are family owned or closely held. They are used for any business that have plans of raising funds during its life span .