Limited Liability Partnership (LLP) Act, 2008 was introduced in India to provide a form of business entity that is simple to maintain while providing limited liability to the owners. The most important advantage of a LLP over a traditional Partnership Firm is that the one partner is not liable for another partner’s misconduct or negligence. A LLP also provides limited liability protection for the owners from the debts of the LLP. Therefore, all partners in a LLP can enjoy a form of limited liability protection for each individual’s protection within the partnership, similar to that of the shareholders of a private limited company. However, unlike private limited company shareholder, the partners of a LLP have the right to manage the business directly.
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