Udyogwardini |Limited Liability Partnership Firm

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Limited Liability Partnership
Limited Liability Partnership

What is a Limited Liability Partnership Firm (LLP) Formation?

The Limited Liability Partnership (LLP) has become a popular choice among entrepreneurs as it combines the advantages of both a partnership firm and a company into a single entity.

In India, the concept of a Limited Liability Partnership (LLP) was first implemented in 2008. An LLP combines the benefits of a partnership firm and a corporation. In order to form an LLP, you'll need at least two partners. However, there is no upper limit on the maximum number of partners of an LLP. In India, the LLP is governed under the Limited Liability Partnership Act of 2008.

Among the partners, there should be a minimum of two designated partners who shall be individuals, and at least one of them should be residents in India. The rights and duties of designated partners are governed by the LLP agreement. They are directly responsible for the compliance of all the provisions of the LLP Act, 2008 and provisions specified in the LLP agreement.

What is a Limited Liability Partnership Firm (LLP) Formation?

The Limited Liability Partnership (LLP) has become a popular choice among entrepreneurs as it combines the advantages of both a partnership firm and a company into a single entity.

In India, the concept of a Limited Liability Partnership (LLP) was first implemented in 2008. An LLP combines the benefits of a partnership firm and a corporation. In order to form an LLP, you'll need at least two partners. However, there is no upper limit on the maximum number of partners of an LLP. In India, the LLP is governed under the Limited Liability Partnership Act of 2008.

Among the partners, there should be a minimum of two designated partners who shall be individuals, and at least one of them should be residents in India. The rights and duties of designated partners are governed by the LLP agreement. They are directly responsible for the compliance of all the provisions of the LLP Act, 2008 and provisions specified in the LLP agreement.

Here are some benefits of Limited Liability Partnership Firm (LLP):

  • Low registration cost.
  • Separate Legal Entity
  • Limited Liability of partners
  • Easy to establish
  • No requirement of minimum Capital Contribution
  • Unlimited number of Partners
  • Personal Assets of the partners are not exposed except in case of fraud
  • Unlike a company, no tax is levied on Profit distributed to Partners
  • LLP is flexible and governed by rules framed by partners
  • Less Compliance as compared to Company

Documents Required for Limited Liability Partnership Firm (LLP):

Documents of Partners

PAN Card/ ID Proof of Partners

Address Proof of Partners

Residence Proof of Partners

Photograph

Passport (in case of Foreign Nationals/ NRIs)

Documents of LLP

Proof of Registered Office Address

Digital Signature Certificate

Enquiry Form

Enquiry Form

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