What is Limited Liability Partnership?
A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership
It has advantages of both a Partnership Firm and a Private Limited Co. LLP is still gaining ground, as it is relatively newer concept. It is more flexible an entity than a Pvt Ltd Co. and is more suitable for small and medium scale business. It is more flexible to organize the internal structure of LLP. LLP is exempted from Dividend Distribution Tax