Limited Liability Partnership (LLP)
The Limited Liability Partnerships (LLPs) becomes a most preferable form of organization structure with at least two designated partners to run the entity and who get registered under the Limited Liability Partnership Act, 2008. There is no upper limit on the maximum number’s members who become the part of LLP. The LLP derives the benefits of both the partnership firm and the company which gets incorporated in one organization. One should understand that the Limited Liability Partnerships (LLPs) must have at least two designated partners to run the LLP based business setup In order to have a designated partner in LLP, a resolution needs to be passed among the existing partners who are already a part of LLP, and the designated partner should possess a Designated Partner Identification Number or the (DPIN) (DPIN is a mandatory registration required for any person to qualify himself to be a part of the LLP’ Designated Partner).