📘 Core concepts
- 1LLP: hybrid — body corporate with separate legal entity, perpetual succession.
- 2Minimum 2 partners; at least 2 designated partners (one resident in India).
- 3Liability of partners limited to agreed contribution.
- 4Mutual rights and duties governed by LLP Agreement (filed in Form 3).
- 5LLP audit mandatory if turnover > ₹40 lakhs or contribution > ₹25 lakhs.
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