A Limited Liability Partnership (LLP) is a one form of body corporate which was introduced in India by the Limited Liability Partnership Act, 2008. A LLP has the feature of limited liability of partners, a partner is not responsible for any misconduct, negligence or any other partner..
To incorporate a LLP, at least two persons must submit their name in incorporation documents and these documents shall be submitted to Registrar of Companies. The incorporation documents shall also include name of the LLP, its proposed business, address of its registered office, the name, address and photographs of the persons who are to be its partners on incorporation.
In view of the growth of Indian Service industry in recent times, LLPs would further contribute to the growth of the service industry and a large number of existing companies, public as well as private, are expected to convert into LLPs with a view to have access to the benefits of the LLP.