Procedure to Form LLP:

Step I Selecting Partners and Designated Partners.

Step II Obtaining DPIN No. & Digital Signature.

Step III Applying for Name Availability.

Step IV Drafting of LLP Agreement.

Step V Filing of all Incorporation Documents .


Advantages and Disadvantages of LLP
Separate legal entity
Flexibility without imposition of detailed legal and procedural requirements.
Personal assets of the partners are not exposed except in case of fraud.
No restrictions on maximum number of partners.
Liability of every partner is limited to their individual share as per the agreement.
Easy to establish.
Perpetual existence irrespective of changes in partners.
No minimum capital contribution requirement.
LLP & its partners are separate from each other.
Internationally renowned form of business as compare to Company.
Professionals like CS / CA / CWA / Lawyers can form Multi-disciplinary Professional LLP.
Less Cost of formation in comparison to a company)
No requirement to maintain statutory records except Books of Accounts.

Disadvantages
Funds can not be raised from public for LLP.
Any act of the partner without the other may bind the LLP.
Under some cases, liability may extend to personal assets of partners.
No separation of Management from owners.