Important Stipulations for Incorporation of LLP
The most important prerequisites for the formation of a LLP are as follows:
- The LLP should have at least two juristic or natural partners as well as two individuals who are designated partners. Of these two, at least one should be living in India.
- The two designated partners should have DPIN. In case the partners are body corporate, a nominee decided by them may act as a designated partner. One of these designated partners must be living in India. This person should be resident in the country for a period of at least one hundred and eighty two days during the financial year preceding the current one.
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