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

Option (1) is not a feature of a Limited Liability Partnership (LLP). Under the LLP Act and standard descriptions, an LLP requires a minimum of two partners but there is no prescribed upper limit on the number of partners, so the restriction “Partners should be less than 20” does not apply to LLPs. In contrast, LLPs are a separate legal entity and enjoy perpetual succession, and their internal governance is governed by the LLP agreement allowing partners flexibility in management arrangements — meaning partnership and management need not be rigidly separated and internal governance can be decided by mutual agreement among partners. Thus options (2), (3) and (4) describe true LLP features while (1) does not.