Limited Liability Partnership (LLP) concept has been introduced in India by way of Limited Liability Partnership Act, 2008. A Limited Liability Partnership is a hybrid between a company and a partnership that provides the benefits of limited liability and allows partners to manage the business directly as a partnership based on a mutually agreed agreement. In LLP, every partner is responsible for his individual's protection within the partnership, similar to that of the shareholders of a corporation. LLP has a separate legal entity having liability to the full extent of all its assets, whereas, the liability of the partners would be limited to their contribution in the LLP as per the mutually agreed agreement.