The features of the Limited Liability Partnership (LLP) are:

• LLP structure is available for use by any enterprise.

• It has a low formation cost and is easy to set up.

• LLP is a separate legal entity and distinct from the individual partners.

• Liability of each partner is limited to his share, as mentioned in the agreement, compared to regular partnership firms, which have unlimited liability.

• There are few restrictions and compliance enforced on a LLP by the government, when compared to the restrictions enforced on a company.