The Partners Have Limited Legal Liability
Ease of Formation
Fewer Compliance Requirements
The liability of the partners is limited to the extent of his/her contribution to the LLP.
An LLP is much easier and cheaper to run than a private limited company as there are just three compliances per year.
The partners are free to draft the agreement as they please, with regard to their rights and duties.
An LLP can be structured in such a way that one partner has more rights than another.
ot only is it easy to start, itâ€™s also easier to wind-up an LLP, as compared to a private limited company
The Limited Liability Partnership (LLP) integrates the ease of running a Partnership along with the the separate legal entity status and limited liability aspects of a company. Whatâ€™s more is that such an entity has minimal compliance requirements.