What are the Features of an LLP in India?

The following are the features of an LLP in India:

It’s a body corporate & legal entity separate from its members;
The members of an LLP have a limited liability, limited to their agreed contribution to the LLP;
It has the organizational flexibility of a Partnership;
It has a perpetual succession, it continues to exist even after the founding partners leave the organization. All it requires is to have at least 2 partners;
Its accounting & filing requirements are similar to that of a Company;
Less compliance and regulations;
No requirement for minimum capital contribution;
At least one partner must be a resident of India;
There is no upper limit on the maximum number of Partners