It has a separate legal entity just like companies The liability of each partner is limited to the contribution made by partner The cost of forming an LLP is low Less compliance and regulations No requirement of minimum capital contribution The minimum number of partners to incorporate an LLP is 2. There is no upper limit on the maximum number of partners of LLP. Among the partners, there should be minimum two designated partners who shall be individuals, and at least one of them should be resident 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.