In an LLP, partners enjoy limited liability, similar to shareholders in a company, while also benefiting from the flexibility and simplicity of a partnership. The concept of LLP was introduced in India in 2008 and is governed by the Limited Liability Partnership Act, offering a dependable and adaptable option for businesses of all sizes.
key characteristics of a Limited Liability Partnership in India:
- Minimum of Two Partners: Establishing a Limited Liability Partnership in India necessitates a minimum of two partners, with no upper threshold on the maximum number of partners.
- Designated Partners: Within the partnership framework, at least two selected partners are obligatory, and they must be natural individuals. At least one of these designated partners must also maintain residency in India for an LLP incorporation.Nomination for Body Corporate Partner If a body corporate assumes the role of a partner, the designation of a natural person must act as its representative.
- Agreed Contribution: Each partner is required to contribute the shared capital of the LLP, as stipulated and agreed upon.
- Indian Resident Designated Partner: At least one designated partner of the LLP must hold a resident status in India.
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