A Limited Liability Partnership is shortly and more popularly known as LLP. LLP is a body corporate formed and incorporated under the Limited Liability Partnership Act, 2008.
Under LLP, the liability of its partners is limited to their agreed contribution in LLP. However, on the other hand, LLP registration creates a separate legal entity for itself and it is liable to the full extent of its assets. Due to its unique feature of merging benefits of both the partnership firm and the company, LLP has become the most preferred form of organization.