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• Renowned form of business worldwide in comparison to Company
• Low cost of Formation
• Easy to establish
• Easy to manage & run
• No requirement of any minimum capital contribution
• No restrictions as to maximum number of partners
• LLP & its partners are distinct from each other
• Partners are not liable for Act of partners.
• Less Compliance level.
• No exposure to personal assets of the partners except in case of fraud.
• Less requirement as to maintenance of statutory records
• Less Government Intervention
• Easy to dissolve or wind-up
• Professionals can form Multi-disciplinary Professional LLP, which was not allowed earlier.
• No requirement as to Minimum Alternate Tax as on Date