A Limited Liability Partnership (LLP) is a business structure that combines the benefits of a partnership and a corporation. It offers limited liability to its partners, protecting personal assets from business debts.

LLPs provide several advantages, including limited liability for partners, flexibility in management, and no requirement for annual general meetings. They also allow for pass-through taxation, avoiding double taxation on profits.

Any two or more individuals or entities can form an LLP. There is no maximum limit on the number of partners, but at least two designated partners are required, one of whom must be a resident of India.

Key documents include the LLP agreement, proof of identity and address of partners, and proof of the registered office address. Additional documentation may vary based on state requirements.