LLPs’ in India are regulated under The Limited Liability Partnership Act, 2008 and the rules made thereunder and managed according to the LLP agreement entered into between the Partners and the LLP. Limited Liability Partnership (LLP) is a body corporate having separate legal entity. LLP is a combination of partnership firm and Body Corporate. It is basically a Partnership with one important distinctive feature that the partner’s liability is limited to the amount they have Contributed/invested in the LLP. One of the major advantages for opting LLP is that, it is less expensive with respect to compliances as compared to Private Limited or Public Limited Company.