An LLP is a form of business which contains features of both a partnership firm govered by Partnership Act, 1932 and Private limited or limited company governed by provisions of Companies Act, 2013. LLPs integrate a partnership firm’s operational flexibility with an enterprise’s legal identity.
It requires higher levels of compliance in comparison with partnership businesses. However, compliance regulations are much more relaxed than that of a Private Limited Company
To form a LLP, minimum of two partners are required to make the contribution. The maximum number of partners is infinite. Further, At least one of the dedicated partners should reside in India, and two of them should be individuals.