A limited liability partnership is a separate legal entity from its partners .It can enter into a contract and acquire property in its name.

Limited Liability Partnership Act, 2008 specifically governs limited liability partnerships in India, the provision of the Indian Partnership Act, 1932 are not applicable to LLPs. They only apply to traditional partnership firms.

LLPs must have a minimum of two partners at all times. Also, the maximum number of partners is unlimited, while it is restricted to 50 for regular partnership firms. If at any time, the number of partners in an LLP becomes less than two, and the sole partner carries on business for more than six months under such circumstances, his liability towards the firm’s business will become unlimited.