the most fundamental advantage of an LLP, is that no limited capital is needed; therefore, the Partners’ liability is confined to their capital contributions. A Limited Liability Partnership can be simply founded with the least amount of cash.
COST AND Compliances minimal
Compared to the cost of forming a company, the cost of forming an LLP is cheap. The compliance cost is minimal, and LLP must file two forms as part of its annual compliance. A statutory audit is applicable only if the contribution of partners and turnover crosses a particular statutory limit.
An LLP is distinct from its partners, just like a company, and the LLP is not the same as its partners. An LLP can sue and be sued in its own name. This enables the company to enter into contracts with other businesses, possess assets, and borrow money in the name of the LLP, which is not feasible with a standard partnership firm.