LLP is an alternative business organisation type that offers the benefits of LIMITED LIABILITY of a Company form AND the FLEXIBILITY of a Partnership form.
LLP is a LEGAL ENTITY separate from its partners and have PERPETUAL SUCCESSION even when partners changes, whereas Traditional Partnership gets dissolved in the event of changes in partners.
LLP is fully liable to the extent of its assets but liability of partners is limited to their agreed capital contribution.
LLP with lots of benefits is BEST suited form of business structure for STARTUPS.
Begin – Start with lower Registration and compliance cost
Operate – Operate with flexibility
Grow – Trusted for Investment by Angel Investors and VCs