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Limited Liability Partnership (LLP), introduced only in 2008. The basic principle behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business organization that is easy to maintain while at the same time providing limited liability to the owners. Minimum two people can form an LLP with no maximum limit on the number of its partners.
A Limited Liability Partnership (LLP) combines the advantages of both the Company and Partnership into a single form of organization and one partner is not responsible or accountable for another partner’s wrongdoing or negligence. Therefore, all partners have a form of limited liability for each individual’s protection within the partnership, similar to that of the shareholders of a corporation.