-Unlike a private limited company, an LLP requires only two partners, has fewer compliance requirements, and does not need to hold annual general meetings (AGMs). It also offers tax advantages, as partners do not have to pay tax on profits distributed to them.

-To start an LLP, you need at least two partners. At least one of the partners must be an Indian resident. There’s no minimum capital requirement to form an LLP.

-You can register an LLP by submitting the necessary documents, such as identity proof and address proof, applying for a Digital Signature Certificate (DSC), and filing the required forms with the Registrar of Companies (RoC).

-Yes, you can convert an existing partnership into an LLP by following the legal process, including drafting an LLP agreement and filing conversion forms with the Registrar of Companies.

-Adding or removing partners in an LLP is done according to the LLP agreement. Changes must be updated with the Registrar of Companies by filing the necessary forms.

-An LLP only needs to get its accounts audited if the annual turnover exceeds Rs 40 Lacs or the capital contribution exceeds Rs 25 Lacs. Small LLPs do not require mandatory audits.

-LLPs are taxed like companies, but they do not have to pay dividend tax on profits distributed to partners. LLPs are also not required to pay a surcharge on income tax.

-Yes, since an LLP is a regulated entity, it can attract financing from private equity (PE) investors, venture capitalists, or financial institutions.

-The LLP agreement outlines the rights, responsibilities, and duties of the partners. It is crucial because it governs the operation of the LLP and sets terms for profit-sharing, management, and partner relations.

-The registration process for an LLP typically takes about 7-10 business days, depending on the submission of documents and approval from the Registrar of Companies.