LLP is the abbreviation for limited liability partnership. In this type of partnership, liabilities of all partners are limited as capital investment. The difference between Limited partnership and in it is, here all partners have limited liability. There is no threat to personal property being sold for recovering the firm debts.

This kind of business, will not be allowed in every country. some countries restrict from doing it. Like in Pakistan Senate approve the bill in 2017 for doing business.

Features of Limited Liability Partnership

• Limited Liability as per capital
• Registration is compulsory
• Word Limited should be written with the business name
• separate Legal Entity
• Partnership Deed / Agreement
• No effect on the change of Partners
• No Of partners

Advantages of LLP Limited Liability Partnership

• Limited Liability
  
• Can play without fear
• More Capital Due to Liability Edge
• No limit of Maximum partners

Dis-Advantages of LLP Limited Liability Partnership

• Lack of third party trust
• The hurdle in Credit availing
• compulsory Registration
• filing of documents regularly