Limited Liability Partnership (LLP) is a new corporate structure that combines the advantages of the limited liability of a company with the flexibility of a partnership. The set up as well as the compliance costs are low when compared to that of a limited company. LLP is now emerging as a new alternative corporate business vehicle that provides the benefit of limited liability of a company, but allows its members the flexibility of organising their internal management on the basis of mutually arrived agreement, as in partnership firms.