A limited liability partnership (LLP), introduced Act, 2008. LLP is a combination of Partnership and Corporation. As the suggested name partner has limited liability in the company which means that the personal assets of the partners are not used for paying off the debts of the company. There are a number of partners in the firm and hence they are not liable or responsible for other misconduct. All LLP’s is governed under the LLP act, 2008. However, in India LLP was introduced in April 2009.