Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business entity that is simple to maintain while providing limited liability to the owners. Since, its introduction in 2010, LLPs have been well received with over 1 lakhs registrations so far until September, 2014.
1. Minimum of two Partners out of which at least one should be resident Indian are required to initiate the LLP registration.
2. If a body corporate is a partner, it has to nominate a natural person as its nominee.
3. There is no concept of share capital but there has to be some contribution from partner known as partner’s capital for the formation of an LLP