Forming a Limited Liability Partnership (LLP) is generally considered less expensive compared to registering a Private Limited Company. The cost savings primarily stem from the simpler registration process and reduced compliance requirements associated with LLP formation. LLPs have fewer mandatory legal formalities, such as the absence of a requirement for minimum share capital, no requirement for a statutory audit for smaller LLPs, and reduced compliance filings. These factors contribute to lower costs, making LLPs a more affordable option for small businesses and startups. However, it is important to note that the overall cost may still vary depending on various factors such as professional fees, legal assistance, and any additional services required during the formation and operation of the LLP.