Offers features of both partnership and a body corporate.
It is governed by Limited Liability Partnership Act, 2008.
Registration is mandatory with the ministry of corporate affairs.
Charter document is LLP agreement.
Liability is limited to capital contribution (except for fraud cases).
Can be sued/sue in its name
They have separate legal status.
Name of the firm contains LLP in its suffix.
No limit for maximum partners
There is perpetual succession.
Audit of account is mandatory, only if turnover is above 40 lakhs and capital is above 25 lakhs.
LLP can’t be converted to partnership.
Cost of formation is statutory filling fees.
Foreign people can be a partner.
Designated partners are required to manage day to day administration.
May decide for maintenance of minutes.
Annual filling is required.
Will have high creditworthiness (comparatively).