A limited liability partnership is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner’s misconduct or negligence.
There is no upper limit on the maximum number of partners of LLP. The minimum number of partners to incorporate an LLP is 2. Among the partners, there should be minimum of two designated partners who shall be individuals, and at least one of them should be residents in India. The rights and duties of designated partners are governed by the LLP agreement. They are directly responsible for the compliance of all the provisions of LLP Act 2008 and provisions specified in LLP agreement.
LLP registration in India is governed under The LLP Act,2008. It is regulated by MCA (Ministry of corporate affairs). LLP is registered with the ROC (Registrar of Companies).