What are LLP and its advantages and disadvantages?

Limited Liability Partnership (LLP) is a famous business structure that provides the benefits of a traditional partnership and limited liability protection. The present article briefs the advantages and disadvantages of an LLP. An LLP's advantages include limited liability protection, flexibility in management and ownership, tax benefits, and increased credibility. On the other hand, some disadvantages of an LLP include higher formation and maintenance costs, unlimited liability for some partners, limited access to capital, and not being suitable for all businesses. It is essential to consider these factors before deciding whether an LLP is the right business structure for your needs.

Limited Liability Partnership (LLP)

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