The advantage of a Limited Liability Partnership (LLP) over a partnership firm is that in a LLP, one partner is not responsible for another partner's misconduct. A Limited Liability Partnership Company also provides limited liability protection for the Company owners from the debts of the LLP. So, LLP Company's business partners enjoy a form of limited liability protection for each other's protection, similar to that of the shareholders of a private limited company. However, unlike private limited company shareholders or directors, the partners of a Limited Liability Partnership (LLP) have the rights to manage the company directly. Limited Liability Partnership (LLP) is an easiest form of business to incorporate and manage. LLP is preferred by Professionals, Micro and Small businesses that are family owned or closely-held.