Write notes on the following: (iii) Limited liability partnership (LLP)

LLP is an alternative business vehicle that gives the benefits of Limited Liability Company and flexibility of a partnership firm. Since, LLP contains elements of both 'a corporate structure' as well as 'partnership firm structures' it is many a times termed as hybrid of a company and partnership. LLP is a separate legal entity which can continue its existence irrespective of changes in its partners. LLP is an incorporated partnership formed and registered under the Limited Liability Partnership Act, 2008. Owing to flexibility in its structure and operation, LLP is useful for small and medium enterprises, in general, and for the enterprises in services section, in particular. LLP is also a very suitable for professionals like company secretaries, chartered accountants, cost accountants, advocates etc., as itself them to form multi-disciplinary limited liability partnership firms. An LLP is regulated by the Limited Liability Partnership Act, 2008 and the rules made thereunder.