Discuss the provisions of the Limited Liability Partnership Act, 2008 relating to the minimum number of partners required and the eligibility…

(a) Minimum Number of Partners Required: As per Section 6 of the Limited Liability Partnership Act,2008, every LLP must have a minimum of two partners. If at any time the number of partners of a LLP is reduced below two and the LLP carries on business for more than six months while the number is so reduced, the person, who is the only partner of the LLP during that period, and has knowledge of the fact that he is carrying on business alone, shall be liable personally for the obligations of the LLP incurred during that period. Eligibility Criteria for becoming a Partner: As per Section 5, any individual or a body corporate may be a partner in a LLP; however, an individual will be disqualified if: (a) He is of unsound mind by a court of competent jurisdiction and finding is in the force. (b) He is an un-discharged insolvent. (c) He has applied to be adjudicated as an insolvent and his application is pending.