Considered to be a convenient hybrid between a partnership and company, the Indian limited liability partnership is a business association that merges certain advantages of a partnership with those of a company. This paper traces the evolution of this business vehicle from its genesis in the American state of Texas to the form in which it has been adopted in India. The paper also attempts to give a detailed analysis of the statutory provisions and concepts employed in the Limited Liability Partnership Act, 2008 as well as the tax status of limited liability partnerships under the Finance Act, 2010. The paper tests the usefulness of this new business form for professional service providers as well as small and medium size business concerns, which are widely perceived to be the primary beneficiaries of the LLP Act. The paper concludes that the LLP Act is a welcome addition to the family of business laws in India providing multiple advantages to its targeted beneficiaries. With the example of an association of lawyers, however, it is evident that certain glaring omissions prevent it from truly filling the void between companies and partnerships.