A limited liability partnership is usually a partnership in which usually some or many partners have restricted liabilities. It therefore exhibits portions of partnerships and firms. In a limited liability partnership, one partner just isn’t responsible or answerable for another partner’s misconduct or maybe negligence. An LLP enjoys the usual benefits that any kind of partnership business would likely enjoy. The greatest benefit is the exemption from business-related taxation’s. An LLP business doesn’t get taxed. Only the partners running this company have to pay taxes dependant on their monthly income from LLP.