LLPs are governed by the Limited Liability Partnership Act, 2008.
LLPs have the character traits of both a private company as well as a partnership firm. But unlike partnership firms, registration of an LLP through the LLP agreement is mandatory which gives it a status of separate legal entity and limited liability of partners.
LLPs can be started with minimum 2 Designated Partners who are individuals and at least one of them shall be a resident in India.