"An LLP is an alternative corporate business form that combines the limited liability of a company with the flexibility of a partnership." Explain.

Limited Liability Partnership (LLP) is a new corporate business form introduced under the Limited Liability Partnership Act, 2008, that enables entrepreneurship, professional expertise and risk capital to combine efficiently. It is an alternative corporate business vehicle that provides the benefits of limited liability of a company but allows its members the flexibility of organising their internal structure as a partnership, based on a mutually arrived agreement. Hence, in the following manner an LLP combines the limited liability protection of a company with the operational flexibility of a partnership: Limited Liability aspect (Company-like feature): An LLP is a body corporate formed and incorporated under the LLP Act, 2008, and is a legal entity separate from its partners, having perpetual succession. Since it has a separate legal entity, it is liable to the full extent of its assets, but the liability of the partners is limited to their agreed contribution in the LLP. No partner is liable on account of the independent or unauthorised actions of other partners, thus individual partners are protected from joint liability created by another partner's wrongful acts or misconduct. Flexibility aspect (Partnership-like feature): The LLP form allows its members the flexibility to organise their internal management on the basis of a mutually arrived agreement, as is the case in a partnership firm. This provides advantages of operational flexibility, while offering limited liability protection to the partners. Therefore, the LLP is called a hybrid form of business, as it contains elements of both a "corporate structure" as well as a "partnership firm structure." An LLP is a separate legal entity, is liable to the full extent of its assets, but liability of the partners is limited to their agreed contribution in the LLP.