Limited Liability Partnership (LLP) is a type of business entity that combines the flexibility of a partnership with the limited liability of a company. It is a popular form of business organization among small and medium-sized businesses.

Here are some details about LLP:

1. Formation: An LLP can be formed by at least two designated partners. The registration process involves filing of an application with the Registrar of Companies (RoC).
2. Legal status: An LLP is a separate legal entity from its partners. It can own property, enter into contracts, sue and be sued in its own name.
3. Liability: The liability of each partner in an LLP is limited to the amount of their contribution to the LLP. Partners are not liable for the debts and obligations of the LLP beyond their capital contribution.
4. Management: The partners of an LLP have the right to manage the business directly. The designated partners are responsible for compliance with legal requirements and filing of returns.
5. Taxation: An LLP is taxed as a partnership. The partners are taxed individually on their share of the profits of the LLP.
6. Compliance requirements: An LLP is required to file annual returns and annual financial statements with the RoC.

7. Perpetual existence: An LLP has a perpetual existence. The death or retirement of a partner does not affect the existence of the LLP.

8. Foreign investment: Foreign investment is allowed in LLPs in sectors where 100% FDI is permitted under the automatic route.

9. Advantages: LLP offers the benefits of limited liability and the flexibility of a partnership. It also has a lower compliance burden compared to a private limited company.

10. Disadvantages: The main disadvantage of LLP is that it cannot raise funds from the public. It also cannot issue shares or debentures, making it difficult to attract investors.