The Limited Liability Partnership Act, 2008 creates hybrid structure combining partnership flexibility with company-like liability protection. Introduction: LLP defined as body corporate with separate legal entity; members' liability limited to contribution. Key sections: Sections 2-65 cover definitions, formation, incorporation, members' rights/duties, and winding up. Essentials: (1) Minimum two members; (2) Designated partners (must be at least two); (3) LLP Agreement; (4) Incorporation certificate. LLP advantages: Limited liability, separate legal entity, taxation flexibility, partnership management style. LLP disadvantages: Compliance requirements, public disclosure, regulatory oversight. For accountants, LLP structure affects liability exposure, tax planning (LLP is tax-transparent entity), and financial reporting (separate legal entity). Understanding LLP provisions critical for firm structuring decisions. IRAC approach: Identify LLP elements, apply sections for formation/operation, assess member liability. Exam tip: Distinguish LLP from partnership (separate entity, limited liability) and company (fewer regulatory requirements); understand designated partner role.