A limited liability partnership (“LLP”) is generally viewed as an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the flexibility of organising their internal structure as a partnership based on a mutually arrived agreement. An LLP is one of the modes used by investors to invest or set-up business in India. In this primer, we have covered frequently asked questions related to LLPs.Registering a Limited Liability Partnership (LLP) requires you to follow some legal processes. To complete the whole LLP formation process successfully, you need to have a clear idea about what an LLP is, how it works, what legal documents are required to form an LLP, and the benefits of LLP formation Being a reputed Chartered Accountant firm, we are experienced enough to guide you through the entire procedures of LLP formation. From arranging necessary documents to submitting those documents online, we communicate with you throughout the whole journey and properly guide you in each step until it gets completed.
Why choose Limited Liability Partnership Registration?
The Limited Liability Partnership format is an alternative to partnership firms. It is a corporate business vehicle that gives the benefits of limited liability for a corporation while also allowing its members to organize their internal administration on the basis of mutual agreement, as in a partnership firm. It has various features like the following:
# Limited Liability The accountability of partners shall be limited to the amount of their contributions to the company. In other words, they are not personally liable to outside creditors.# Simplicity In comparison to the establishment and operation of a Private Limited Company, the formation and operation of an LLP are very straightforward.
# Perpetual Existence An LLP is a legal entity that exists independently of its partners and partners may change from time to time. # Minimum number of Partners LLP can be formed with minimum of two partners. # Separate Legal Entity It is a separate legal entity that can hold properties in its own name and is solely responsible for its responsibilities. # Unlimited numbers of Partners You can have unlimited partners in Limited liability partnership firms.