A limited liability partnership or LLP is a form of partnership where the liability of an individual partner is limited to the extent of liability specified in LLP. At least two partners are required to incorporate a LLP. It has a distinct person under the law, and there are limited liability of the partner of LLP In a case of default, banks/creditors can only sell LLP’s assets but not personal assets of the partners. That why, LLP is the best option for the person who wants to work as a partner. LLP gives entrepreneurs and businessmen a more structured business as compared to a sole proprietorship or a conventional partnership. It provides the flexibility of controlling the business operation in accordance with the partnership agreement This form of company is most often found in service industries such as medical practices, law offices, or accounting firms. As the liability of the partners is limited to the extent of share capital, a partner can restrict its liability due to the performance of other partner's services negligently.