Limited Liability Partnerships (LLPs) are commercial vehicles
which combine the features of partnership and company form of business .The
concept of Limited Liability Partnership (LLP) has been introduced in India by
way of Limited Liability Partnership Act, 2008 (notified on 31st March 2008).
A Limited Liability Partnership combines the advantages of both
the Company and Partnership into a single form of organization. In an LLP one
partner is not responsible or liable for another partner's misconduct or
negligence. In an LLP, all partners have limited liability for each
individual's protection within the partnership, similar to that of the
shareholders of a limited company. However, unlike the company shareholders,
the partners have the right to manage the business directly. An LLP also limits
the personal liability of a partner for the errors, omissions, incompetence, or
negligence of the LLP's employees or other agents.