Formation of an Indian Limited Liability Partnership (LLP) requires minimum 2 partners and 2 designated partners, with at least 1 Indian resident. The partners and designated partners can be the same. Contributions are required from each partner. Designated partners must obtain a DPIN and one partner needs a digital signature certificate. The process involves applying for these, reserving a company name, drafting legal documents like the LLP agreement, filing forms with registrar of companies, and receiving a certificate of incorporation.