⭐ Important points (exam-critical)
- ⭐Differences vs Partnership: separate entity, limited liability, perpetual succession, no max partner limit.
- ⭐Default: LLP Agreement absent → First Schedule applies (equal profits, no interest on capital, etc.).
- ⭐Conversion to LLP from firm/private co/unlisted public co allowed under Schedules II-IV.
- ⭐Designated Partner Identification Number (DPIN) mandatory for designated partners.
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