Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The main advantage of a Limited Liability Partnership over a traditional partnership firm is that in a LLP, one partner is not responsible or liable for another partners misconduct or negligence.
A LLP also provides limited liability protection for the owners from the debts of the LLP. Therefore, all partners in a LLP enjoy a form of limited liability protection for each individuals protection within the partnership, similar to that of the shareholders of a private limited company. However, unlike private limited company shareholder, the partners of a LLP have the right to manage the business directly. LLP is one of the easiest form of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities, LLP is preferred by Professionals, Micro and Small businesses that are family owned or closely-held.
Limited Liability Partnership (LLP) is a popular and well known business structure in the world. Corporate Customers, Vendors and Govt. Agencies prefer to deal with LLP instead of proprietorship or normal partnerships.
LLP is easy to manage and statutory audit is not required for Limited Liability Partnership. LLP is most ideal for small enterprises. Tax Audit is also not required for LLPs with capital less than Rs. 25 lac and turnover not exceeding Rs. 40 lac.
LLP is a separate legal entity that gives the benefit of limited liability of company plus the flexibility of partnership, wherein no partner is held liable on account of others partner misconduct and their rights and duties to be governed by LLP agreement. Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008.
- Complete our LLP Form
- Obtain DSC and DPIN
- Approval of Name and submission of Forms
- Certificate of Registration/ Incorporation
- 1 Photo
- Pan card
- Bank statement/electricity bill/mobile bill(not older than 2 month)
- DRIVING LICENCE/VOTER ID/PASSPORT
- ELECTRICITY BILL OF BUSINESS PLACE NOT OLDER THAN 2 MONTH(RENT AGREEMTN IF RENTED)
- DSC OF Partners