An LLP will be a body corporate with an identity distinct from its partners and will have perpetual existence;
A minimum of two partners will be required for the formation of an LLP with no limit on the maximum number of partners;
Every partnership will have at least two designated partners of which one shall be a resident of India. The designated partners shall be answerable for the doing of all acts, matters and things as are required to be done by the LLP in respect of compliance of the provisions of the proposed legislation and be liable for penalties for non- compliance;
Liability of the partners of an LLP will be limited to the extent of investment made by them in the LLP. A partner shall not be personally liable for the wrongful acts or omission of any other partner except in the case of unauthorized acts, fraud and negligence. The liabilities of an LLP shall be borne out of the property or assets of the LLP; and
The mutual rights and duties of the partners of an LLP inter se and those of the LLP and its partners shall be governed by a registered agreement between partners or between the LLP and the partners.