

A limited liability partnership (LLP) is a business structure that combines features of a partnership with limited liability protection, where partners are not personally liable for the actions or debts of the partnership beyond their agreed contribution.

An LLP offers flexibility in management similar to a traditional partnership while providing liability protection similar to a company.
It is commonly chosen by professional firms, startups, and small businesses seeking a balance between operational simplicity and legal protection.
In India, LLPs are governed by the Limited Liability Partnership Act, 2008.
An LLP typically includes:
These features make LLPs suitable for knowledge-driven and service-based businesses.