Incorporation of LLP involves low cost
It inhibits the features of both a partnership firm and a company.
Unlike a company, LLP can be formed with minimum two designated partners without any maximum limit.
Audit is not mandatory unless an LLP has a turnover exceeds Rs.40 lakhs and capital contribution exceeds Rs. 25 lakhs
Personal assets of the partners are secured, as LLP have the feature of limited liability. As compared to the traditional partnership, liability of each partner is limited to his share as mentioned in the agreement.
Fewer compliances as there is no requirement to maintain any statutory records except books of accounts.
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