Limited Liability Partnership is a Business Entity having separate legal existence unlike normal partnership firm. Being a separate legal entity, a Limited Liability Partnership can own assets in its own name and as well engage in business activity or agreements with an individual or any other business on its own. A LLP is a type of business entity with corporate structure as of company and flexibility of partnership. Conversion from partnership firm to Limited Liability Partnership will be a wise decision in case of plan to expand business with limited liability to partners.