3 partners(all of whom are USA ie.foreign citizens) want to form a LLP in India. Say their names are P,Q & R
P: US citizen and lives in US
Q: US citizen but he is a 'Person of Indian origin' since his father, mother etc. were from India. He has the 'PIO' card'
R: US citizen but residing > 182 days in a year in India since the past 6-7 years
I've read that LLP can be formed with Foreign Partners provided there is at least one Indian partner. So do Q or R satisfy the condition of an Indian partner based on the above data??
Also, what is the minimum stake that an Indian partner should have in the LLP? Can it be just 1%?
CAclubindia
