Limited liability, unlimited partners, perpetual succession, limited liability are major incentives that entrepreneur converts partnership entity into LLP. The Advantages of Limited Liability (LLP) form is business outweigh those traditional partnership.
In previous few recent years the conversion of partnership to LLP has been increasing tremendously. The reason behind this is the major advantage in terms of Limited liability, flexibility etc. Conversion from Partnership to LLP gives strain from personal asset of partners to LLP since LLP is hybrid of both the partners. The small size business should always find the structure of entity form that suits their business.
