Limited Liability Partnership (LLP) is another corporate structure that consolidates the adaptability of a partnership and the benefits of limited liability of an organization at a low consistency cost. At the end of the day, it is an option corporate business vehicle that gives the advantages of restricted risk of an organization, however, permits its individuals the adaptability of arranging their inner administration on the premise of a commonly arrived understanding, similar to the case in a partnership firm. Owing to flexibility in its structure and operation, it would be useful for small and medium enterprises, in general, and for the enterprises in the services sector, in particular. Internationally, LLPs are the preferred vehicle of business, particularly in the service industry or for activities involving professionals.
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