As per the Limited Liability Partnership Act, 2008, a minimum of two partners are required to form an LLP.

There is no limit on the maximum number of partners allowed in an LLP.

Both individuals and companies can be partners in an LLP.

The liability of partners in an LLP is limited to their capital contribution.

The minimum capital contribution required to form an LLP is ₹1 lakh.

The procedure for registering an LLP involves filing an application with the Registrar of Companies (ROC) and obtaining a certificate of incorporation from the ROC.

The advantages of forming an LLP include limited liability, flexibility in management, and tax benefits.

The disadvantages of forming an LLP include higher compliance requirements, a more complex tax structure, and less flexibility in decision-making.

The role of the Designated Partners (DPs) in an LLP includes managing the day-to-day affairs of the LLP, representing the LLP in legal proceedings, and filing annual returns and other statutory documents.

The process for winding up an LLP includes passing a resolution by a majority of the partners, obtaining an order from the National Company Law Tribunal (NCLT), or implementing a scheme of arrangement approved by the NCLT.

The role of the Registrar of Companies (ROC) in the regulation of LLPs includes registering LLPs, regulating their activities, and adjudicating disputes between LLPs and their partners.

LLPs have limited liability, more flexibility in management, and a simpler tax structure compared to PLCs.

The Limited Liability Partnership (Amendment) Act, 2021, and the Limited Liability Partnership (Second Amendment) Act, 2022, are the recent amendments made to the Limited Liability Partnership Act, 2008.

The Limited Liability Partnership Act, 2008, provides a legal framework for the formation and operation of LLPs in India, promotes entrepreneurship and innovation, and attracts foreign investment.

LLPs are expected to become increasingly popular in India due to their flexibility and ease of management, play a significant role in the growth of the Indian economy, attract foreign investment, and contribute to the development of new industries.