The salient features of the LLP Act 2008 are:
- LLP is a body corporate and a legal entity separate from its partners;
- The LLP will have perpetual succession;
- The mutual rights and duties of partners of an LLP inter se and those of the LLP and its partners shall be governed by an agreement between partners or between the LLP and the partners subject to the provisions of the LLP Act 2008;
- The LLP will be a separate legal entity, liable to the full extent of its assets, with the liability of the partners being limited to their agreed contribution in the LLP which may be of tangible or intangible nature or both tangible and intangible in nature;
- Indian Partnership Act, 1932 shall not apply to LLP.
- The mutual rights between the partners of LLP are governed by the LLP agreement.