Limited Liability Partnership 

LLP stands for Limited Liability partnership. LLP is a mix of a traditional partnership, and a company as some of its features are similar to a traditional partnership and some matches with a company.

LLP Registration :
 A prime reason why it has evolved is that of its simplicity in a formation and easy maintenance. It helps owners also to limit their liabilities. This is the biggest advantage of the Limited Liability Partnership over a traditional Partnership Firm.

Partnership firm :
Partnership firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. It is owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start and prevalent amongst small and medium-sized businesses in the unorganized sectors.

Incorporating an LLP company has both Limited Liability features of a Private Limited Company and the flexibility of a Partnership Firm. No partner is liable on account of unauthorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s misconduct. LLP form of organization is usually preferred by Professionals, Micro and Small businesses that are family owned or closely-held.