A partnership must have at least two partners. There is no upper limit for the number of partners in a traditional partnership.

A partnership agreement is a legal document that outlines the roles, responsibilities, profit-sharing ratios, capital contributions, and other operational aspects of the business. It can be oral or written, though having a written agreement is highly recommended to prevent future disputes.

The profits and losses of a partnership are shared according to the terms outlined in the partnership agreement. If the agreement does not specify, profits and losses are divided equally among partners.

Yes, an LLP must be registered with the Registrar of Companies (RoC) under the Limited Liability Partnership Act, 2008.

An individual or a body corporate (company, limited liability company, etc.) can be a partner. Non-resident Indians (NRIs) and foreign entities can also be partners in an LLP.

The LLP agreement is a document that outlines the rights, duties, and obligations of the partners. It details profit-sharing ratios, responsibilities, capital contributions, and other operational aspects of the LLP.

Yes, a partnership firm or a private limited company can be converted into an LLP, subject to meeting specific eligibility criteria. The conversion process involves filing with the Registrar of Companies and meeting certain legal requirements.