Limited Liability Partnership
A "Limited Liability Partnership" (LLP) is a type of business where two or more people work together and share the profits. It combines the benefits of working together with some protection from personal financial risk.
A "Limited Liability Partnership" (LLP) is a type of business where two or more people work together and share the profits. It combines the benefits of working together with some protection from personal financial risk.
In an LLP, partners can run the business and make decisions, but no partner is personally responsible for the actions of the other partners if those actions are independent or unauthorized. This means that if one partner makes a wrong decision or engages in misconduct, the other partners are protected from being held liable for those actions. This means their personal money and property are usually safe if the business faces financial trouble.
An LLP is a good option for people or businesses that want to work together but still protect their personal finances. It offers a good mix of teamwork and financial safety. LLP is governed under the Limited Liability Partnership Act, 2008, and regulated by the Ministry of Corporate Affairs (MCA).
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Limited Liability Protection: In an LLP, partners are protected from personal liability for the business's debts and liabilities. This means their personal assets are generally safe if the LLP faces financial difficulties.
Less compliance requirement: LLPs have minimum requirements for compliance related to others.
Separate Legal Entity: An LLP is a separate legal entity from its partners. This provides the LLP with its own legal identity, allowing it to enter into contracts, own property, and conduct business independently.
No Minimum Capital Requirement: Unlike some other business types, LLPs in India don’t need a minimum amount of money to start. This makes it easier and cheaper to set up and run an LLP.
Minimum 2 partners and no limit of maximum number of partners. 1 partner should be a resident of India.
No minimum capital is required
Passport size photographs
Identity proof such as Aadhar, PAN, Passport of the partner
Office address proof such as rental agreement
1. Obtain Digital Signature Certificates (DSC)
2. Apply for Director Identification Number (DIN)
3. Choose and Reserve Company Name (Should be Unique)
4. Draft the eMOA and eAOA and apply for PAN, TAN of the company
5. Obtain Certificate of Incorporation
6. Open a Bank Account on the Company Name
DSN (Digital Signature Certificate) and DIN (Director Identification Number) for 2 partners.
Company Name Approval
AOA (Articles of Association) and MOA (Memorandum of Association)
Incorporation Certificate
PAN Number
TAN Number
Bank Account Opening Document Support (if required)
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A Limited Liability Partnership (LLP) is a type of business that mixes the flexible management of a partnership with the personal asset protection of a company. In an LLP, partners aren’t personally responsible for the actions of another partner.
Any individual or body corporate can form an LLP. There must be at least two partners to start an LLP, and there is no maximum limit on the number of partners.
Benefits include limited liability protection for partners, flexibility in management, fewer compliance requirements compared to a private company, and tax benefits. LLPs also allow for the easy addition of new partners.
There is no minimum capital requirement for an LLP in India. The partners can decide on the capital contribution based on the needs of the business.
An LLP offers more flexibility in management and fewer regulatory requirements than a Private Limited Company. In an LLP, partners manage the business directly and share profits as agreed, while a Private Limited Company requires a board of directors and has stricter compliance rules.
If a partner leaves, the LLP can continue to operate as long as the remaining partners fulfill the minimum requirement of two partners. The LLP agreement should outline how the exit of a partner is managed and how their share is handled.
Profits and losses in an LLP are distributed among the partners according to the terms set out in the LLP agreement. The agreement specifies how profits are shared and how losses are managed.
Yes, an LLP can be converted into a Private Limited Company if the business grows and needs to raise more capital or expand. The conversion process involves complying with specific regulatory requirements and filing the necessary forms with the Registrar of Companies.
No, it’s a fully online process!
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