* Separate legal entity * Easy to establish * Flexibility without imposing detailed legal and procedural requirements * Perpetual existence irrespective of changes in partners * Internationally renowned form of business in comparison to Company * No requirement of minimum capital contribution * No restrictions as to maximum number of partners. * LLP & its partners are distinct from each other * Partners are not liable for Act of other partners. * Personal assets of the partners are not exposed except in case of fraud. * Easy to dissolve or wind-up * Professionals like CS / CA / CWA / Lawyers can form Multi-disciplinary Professional LLP * No requirement to maintain statutory records except Books of Accounts * Less Cost of formation (Compared to a company)
CAclubindia
