An audit is required only when turnover exceed 40 Lakhs or contribution exceeds Rs. 25 lakhs.
In case of normal partnership, partner’s personal assets and properties are on great risk in case of loan defaults. But in LLP, only LLP business assets are on risk and the partners are secure and safe.
Minimum capital for LLP is Rs. 10,000.
Any Individual can be a partner in LLP.
A minimum of two partners are required to start LLP.