A Limited Liability Partnership, popularly known as LLP is managed as per the LLP Agreement. It combines the advantages of both the Company and a Partnership firm into a single form of organization. In LLP one partner is not responsible or liable for another partner’s misconduct or negligence, this is an important difference from that of a unlimited partnership. However, unlike shareholders, the partners have the right to manage the business directly. An LLP also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP’s employees or other agents.