Limited Liability Partnership(LLP) was evolved in the year 2008. Unlike normal partnership this is very different because in this liability of partners are limited towards their share. The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners whereas in partnership it is 20.