The Limited Liability Partnership is much long awaited form business type. Many of the countries in the world adopted this type of business. Now it comes true in India. Limited Liability Partnership Act, 2008 ('Act' for short) was enacted with the objectives to make provisions for the formation and regulation of limited liability partnerships and for the matters connected therewith or incidental thereto. The LLP is a body corporate formed and incorporated under the Act and is a legal entity separate from that of the partners. Most of the provisions of the Act resemble with the provisions of the Companies Act. The management of the company is run by the Board of Directors. In LLP there is no such directors and but in their place the partners called as 'Designated Partners' are placed.