Limited Liability Partnership

Concept of Limited Liability Partnership

Limited Liability Partnership is the special form of corporate legal entity which makes its entity separate and distinct from its partners who comprises it. This type of entity gives the benefits of Limited Liability Company and flexibility of a partnership firm.

LLP is a separate legal entity which can continue its existence irrespective of changes in its partners. LLP is an incorporated partnership formed and registered under the Limited Liability Partnership Act, 2008.

For the registration of Limited Liability Partnership, atleast 2 Partners are required. In case any Body Corporate is a partner, than it will be required to nominate any person (natural) as its nominee for the purpose of the LLP.

Under this roof, there is no concept of any share capital but every partner is required to contribute towards the LLP in some manner.

SUITABILITY:

To any type of small and medium sized business who wants:-

  1. to carry out its business operations through separate legal entity;
  2. with less initial investment;
  3. involving less number of persons;
  4. holds the ownership in their own hands; and
  5. can appoint working management on their behalf;

Documents Required:

  1. Partners Documents (PAN, Address proof, 6 photos)
  2. Nature of Business in writing
  3. Six proposed Names
  4. Office address proof
  5. Rent agreement and NOC, if property is rented

Distinctive Features:-

  • Low cost of formation
  • Easy to establish
  • Easy to manage & run
  • No requirement of any minimum capital contribution
  • No restrictions as to maximum no. of partners
  • LLP & its partners are distinct from each other
  • Fewer requirements as to mainteinance of statutory records
  • Less Compliance Level
  • Less Government Intervention
  • Easy to dissolve or wind-up

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