What is Limited Liability Partnership (LLP)
Limited Liability Partnership (LLP) is business form which provides benefits of limited liability and flexibility of a partnership business. Compliance requirement is less in LLP as compared to private limited company form of business structure. Audit is exempted up to certain level of turnover in case of LLP. Minimum two people can form an LLP. There is no maximum limit on the number of its partners. This is preferred choice for small businesses and instead of general partnership.