LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It, therefore, can exhibit elements of partnerships and corporations. Limited Liability Partnership is a legal entity formed under the Limited Liability Partnership Act, 2008. The partners have limited liability in the company which means that personal assets of the partners are not used for paying off the debts of the company.