Here are some of the key advantages of an LLP.

• Limits Potential Legal Liability. The main benefit of creating an LLP is a balance of management control with reduced liability exposure. …
• Allows for Flexible Roles for Partners.
• Provides for Relative Ease of Formation.
• Offers Possible Pass-Through Tax Relief.

Can LLP be converted to Pvt Ltd company?

An LLP can be converted into a Pvt. Ltd. company as per the provisions contained in Section 366 of the Companies Act, 2013 and Company (Authorised to Register) Rules, 2014.

Which is better LLP or Pvt Ltd company?

LLPs combines the operational advantages of a Company as well as the flexibility of Partnership Firms. The fee for incorporation of an LLP firm is very nominal as compared to that for a Private Limited Company. The compliance requirements for an LLP are significantly lower than those for a private limited company.