LLP is an alternative form of business structure that was introduced in the year 2008, combining the benefits of limited liability of a company and the flexibility of a partnership. The liabilities of the partners in an LLP are limited and separate. Their personal assets are not liable to the attachment if the LLP is suffering or winding up legal consequences of debt or repayments.
Section 2 (68) of the Companies Act, 2013 defines a private limited company as a separate entity that is held privately and provides for limited liability i.e. the liability of its members is limited to the number of shares held by them. It does not freely transfer its shares to the public like other public companies.