Explain the advantages of the LLP form of business. How does its legal structure make it a flexible and preferable business model for entrepreneurs?…

Advantages of LLP form: LLP form is a form of business model which: a. is organized and operates on the basis of an agreement b. provides flexibility without imposing detailed legal and procedural requirements. c. Easy to form d. All partners enjoy limited liability e. Flexible capital structure f. Easy to dissolve Effect of registration: On registration, a LLP shall, by its name, be capable of a. Suing and being sued; b. acquiring, owning, holding and developing or disposing of property, whether movable or immovable, tangible or intangible; c. having a common seal, if it decides to have one; and d. doing and suffering such other acts and things as bodies corporate may lawfully do and suffer.