The following are the features of an LLP in India: It’s a body corporate & legal entity separate from its members; The members of an LLP have a limited liability, limited to their agreed contribution to the LLP; It has the organizational flexibility of a Partnership; It has a perpetual succession, it continues to exist even after the founding partners leave the organization. All it requires is to have at least 2 partners; Its accounting & filing requirements are similar to that of a Company; Less compliance and regulations; No requirement for minimum capital contribution; At least one partner must be a resident of India; There is no upper limit on the maximum number of Partners.