Which one of the following is not a feature of Limited Liability Partnership firm ?

1. The question asks which statement is *not* a feature of a Limited Liability Partnership (LLP) firm (as per the LLP Act, 2008 in India). 2. Feature (A): Partners should be less than 20. The LLP Act requires a minimum of two partners but does *not* specify a maximum limit on the number of partners, unlike traditional partnership firms which had limits (like 20 for non-banking business). Therefore, this statement is *not* a feature of LLP. 3. Feature (B): Partnership and management need not be separate. In an LLP, partners can directly manage the business, though they can also delegate. The structure allows flexibility, and direct management by partners is common. This characteristic aligns with LLP features. 4. Feature (C): Internal governance may be decided by mutual agreement among partners. The LLP agreement governs the rights and duties of partners and the internal management structure, allowing flexibility based on mutual agreement. This is a key feature. 5. Feature (D): It is corporate body with perpetual succession. An LLP is registered as a body corporate, having a legal identity separate from its partners and possessing perpetual succession (it continues to exist regardless of changes in partners). This is a defining feature. 6. Since the question asks which is *not* a feature, and LLPs do not have a maximum partner limit of 20, statement (A) is the answer.