Limited Liability Partnership

A Limited Liability Partnership (LLP) is a business structure that combines the flexibility of a partnership with the limited liability benefits of a company. Governed by the Limited Liability Partnership Act, 2008, an LLP allows partners to manage the business while protecting their personal assets from company debts. Unlike a traditional partnership, partners in an LLP are not personally liable for the actions of other partners.

LLPs require a minimum of two partners, with no upper limit, and are preferred by professionals, small businesses, and startups due to fewer compliance requirements and tax benefits. An LLP can enter contracts, own assets, and sue or be sued in its name, making it a separate legal entity. Additionally, LLPs do not require a fixed capital investment, making them a cost-effective and scalable business structure.

Procedure for LLP Registration

Simple Easy Process

Documentation

Filing Application

Deed Drafting

Verification

Uploading forms

Get Certificates

A Limited Liability Partnership (LLP) is a separate legal entity, meaning it can own assets, enter contracts, and hold properties in its own name. It is solely responsible for its liabilities, ensuring that the personal assets of partners remain protected. This structure provides legal security and financial independence, making it a reliable business model.

A Limited Liability Partnership (LLP) requires a minimum of two partners, but there is no upper limit on the number of partners. This flexibility allows businesses to scale and bring in more partners as needed. Each partner's liability is limited to their agreed contribution, ensuring financial protection and stability.

A Limited Liability Partnership (LLP) can be easily transferred from one person to another by changing the partners through an agreement. The ownership can be transferred either partially or fully without affecting the LLP’s existence. Since an LLP is a separate legal entity, the transfer process is simpler compared to other business structures.

An LLP continues to exist even after the death or retirement of a partner, as it is a separate legal entity. The LLP agreement may allow for the transfer of the deceased partner’s share to legal heirs or remaining partners. This ensures business continuity without dissolution.

An LLP is not required to undergo a mandatory audit if its annual turnover is less than ₹40 lakh and its capital contribution is below ₹25 lakh. This reduces compliance costs and administrative burdens, making LLPs a cost-effective business structure for startups and small businesses.

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Benefits Of Limited Liability Partnership

A Limited Liability Partnership (LLP) provides limited liability protection, ensuring that partners are not personally responsible for the firm’s debts. Their liability is restricted to their agreed capital contribution, protecting personal assets in case of financial losses or legal issues.

An LLP is recognized as a separate legal entity, allowing it to own property, enter contracts, and continue operations even if partners change. Unlike traditional partnerships, the LLP remains unaffected by the death or retirement of a partner, ensuring business continuity.

One of the key advantages of an LLP is that no mandatory audit is required if the firm’s annual turnover is below ₹40 lakh and its capital contribution is under ₹25 lakh. This reduces compliance costs and administrative burdens, making it an affordable option for startups and small businesses.

An LLP allows for unlimited partners, providing flexibility for business expansion. New partners can be added at any time without altering the company’s legal identity, making it an ideal structure for growing enterprises.

Ownership in an LLP can be easily transferred through a formal agreement, ensuring smooth succession planning. This flexibility allows businesses to bring in new investors or partners without disrupting operations.

Documents Required

Identity proof of director

Address proof of director

Photograph of Director

Address proof of director

Contact details of director

Certificates You will get!

Allotment of DIN (for partners)

Name Reservation Letter

LLP PAN

LLP TAN

Incorporation Certificate

LLP Deed

Current Account Opening

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