LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
It is a newly introduced corporate entity type in India aimed at entrepreneurs, small and medium sized businesses.
It was introduced in India in 2008 with the approval of the LLP Act, 2008.
LLP is a superior type of partnership. A normal partnership is often discouraged due to its unlimited liability feature, i.e. your personal assets may be seized in case all the dues are not cleared.
LLP is a separate legal entity, which can be formed in India by a minimum of two persons coming together with a motive of earning profit. Unlike a Private Ltd Company, an LLP is easy to manage and it is subjected to minimal post registration compliance.