LLP means limited liability partnership (LLP). It is similar to a general partnership, except the partners are not personally liable for negligent acts conducted by other partners or employees not under their supervision. This is different from a general partnership, in which each partner is liable for the debts and obligations of the business as well as the malpractice of any other partner. Income taxes in an LLP are passed through the business and reflected on the partners individual tax returns. Because of the limited liability of each partner and pass-through tax status, LLPs are a very popular business structure. BENEFITS OF LLP Separate legal entity Limited Liability to partners Simple process of Registration Perpetual existence irrespective of changes in partners No requirement of audit of accounts until turnover reaches Rs.40 lakhs or Contribution Rs.25 lakhs Less tax as compared to company No requirement of minimum capital contribution Thank You!