Key Benefits of an LLP:

1. Limited Liability: The LLP Limits the liability of the partners only to their capital investment in the business unlike other structure of business which expose partners to unlimited liability.
   
   
2. Separate Legal Entity: An LLP is considered an independent legal entity from its partners as such it can sue or be sued, and possess assets under its name.
   
   
3. Operational Flexibility: An LLP can have a high degree of flexibility in management like the absence of many obligatory regulations compared to companies, and no limit on the number of partners provisions also exists.
   
   
4. No Mandatory Audit: LLPs having a capital contribution of less than ₹ 25 Lakhs and with a turnover not exceeding ₹40 Lakhs are not mandated by law to be audited which helps in lowering costs associated with compliance.

Step by Step Process to Register an LLP in India:

1. Obtain Digital Signature Certificates (DSC): It is a compulsory requirement that each designated partner needs to get their own DSC to enable them to sign the documents electronically.
   
   
2. Submit application for Director Identification Number: Partners should apply for a DIN by filling out the required application with the Ministry of Corporate Affairs (MCA).
   
   
3. Name Reservation: Suggest and file an application for a limited liability partnership name through the RUN-LLP service on the MCA platform. 4. Form Filing for Incorporation: Send the incorporation form FiLLiP, along with supporting documents such as the subscriber’s sheet and proof of registered office, to the Registrar of Companies (RoC).
   
   
4. Limited Liability Partnership (LLP) Agreement: Within a month from the date of incorporation, draft and execute the LLP Agreement while adding the responsibilities and privileges of partners and complete the filing with the Registrar of Companies (RoC).