LLP is a separate legal entity separate from its partners.
Unlike corporate shareholders, the partners have the right to manage the business directly.
One partner is not responsible or liable for another partner’s misconduct or negligence.
There is no limit for maximum number of partners.
The LLP has perpetual succession as against limited life of a partnership concern which normally dissolves upon the death of its partners.
Unlike companies where the rights and duties of the managing personnel and shareholders is as defined by law, the rights and duties of partners in LLP are governed by the agreement between partners and the partners have the flexibility of defining their rights and duties under the agreement as per their choice.
Liability of the partners is limited to the extent of their contribution in the LLP. There is no exposure to the personal assets of the partner, except in cases of fraud.
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