A LLP is different from its partners has a seal of its own and its assets are separate and distinct from those of its partners . Therefore it is capable of owning property, incurring debts, borrowing money, having a bank account, employing people, entering into contracts and suing or being sued in the same manner as an individual.
The cost of forming an LLP is low compared to the cost of incorporating a public or private limited company.
The LLP needs to file only two statements annually, i.e. Annual Return and a Statement of Accounts and Solvency.
There is no requirement of having a minimum paid-up capital before going for incorporation. It can be formed with any amount of capital contributed by the partners.