As per Section 5 of the LLP Act, 2008, any individual or a body corporate can be a partner in an LLP. However, the following individuals shall not be capable of becoming a partner in an LLP if:

• he is declared unsound mind by a Court of law
• he is an undischarged insolvent; or
• he has applied to be adjudicated as an insolvent and his application is pending.
• he is a minor

Basic requirements of an LLP

1. At least two partners
2. At least two individuals are required as designated partners
3. At least one of the Designated Partners should be a resident in India
4. Partnership Agreement is required to be entered

The important clauses to be included in an LLP Agreement are as follows:

1. Profit Sharing Pattern
2. Powers, Rights & Duties of Designated partners and partners
3. Admission, Cession of partners or Designated partners
4. Decision-making process to be defined
5. Exit mechanism or dispute resolution - Arbitration
6. Remuneration, Interest on capital, profit withdrawal
7. Books of Accounts, Audit, Reporting

As per Section 14 of the Act, upon registration, the LLP

1. Gets the ability to initiate legal action
2. Power to acquire, own, hold and develop or dispose of any property, whether movable or immovable, tangible or intangible
3. Have a common seal
4. Engage or endure any other acts and things as body corporate may lawfully do and experience

Yes, as per Section 5 of the LLP Act 2008, a body corporate can be a partner to an LLP. Section 2 of the Act defines "body corporate" as a company defined under section 3 of the Companies Act, 2013 and it includes-

• a LLP registered under the LLP Act 2008
• a LLP incorporated outside India
• a company incorporated outside India,

but does not include

• a corporation sole;
• a co-operative society registered under any law 
• any other body corporate

No, as per MCA General Circular No. 13/2013, dated 29th July, 2013, read with MCA General Circular No. 2/16 dated 15th January, 2016, an HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its Karta cannot become a partner or designated partner in LLP.

The LLP has the following annual compliances:

1. Annual Return (Form 11) within 60 days of closure of its financial year i.e. 31st March and an annual return is to be filed on or before 30th May every year.
2. If turnover of an LLP is more than 5 crore rupees or total partners contribution is more than 50 lakh rupees form 11 needs to be accompanied with a certificate from a Company Secretary in practice
3. Income tax return filing on or before 31st July of A.Y, if Tax audit not applicable
4. Tax audit filing on or before 31st September and ITR filing on or before 30th October

The LLP forms are:

1. Notice of appointment, cessation, changes in designated partner or partner and consent to become a partner/designated partner:  Form 4
2. Notice of appointment, cessation, change in particulars of a partners: Form 4A
3. Notice for change of name: Form 5
4. Form for intimating other address for service of documents: Form 12
5. Notice for change of place of registered office: Form 15
6. Application to the Registrar for striking off name: Form 24
7. Application for compounding of an offence under the Act: Form 31