Limited Liability Partnership (LLP) is an alternative structure, carrying benefits of a typical partnership but limiting personal liabilities of the partners. LLP was introduced in India by way of the Limited Liability Partnership Act, 2008. It is regulated as a contractual agreement between the partners.There is no concept of share capital, but each Partner has to contribute towards capital of LLP It has quickly become a popular choice for services and professional firms like Chartered Accountants, recruiting firms, consulting businesses, etc. LLPs enjoy separate legal entity having its own assets and liabilities. The assets of the LLP can be appropriated fully towards its liabilities. The liability of the partners is limited to the extent of their contribution in the LLP.