What is a Limited Liability Partnership (LLP), and what are their options for repatriating profits from India?

Limited Liability Partnerships (LLPs) were first introduced in India in 2008.  LLPs are given legal entity status and limited liability of stakeholders.  They receive the advantages of a company, as well as the operational flexibilities of a partnership.  LLPs are not required by the government to obtain approval for the remittance of profits from India, once all relevant taxes have been paid.