LIMITED LIABILITY PARTNERSHIP
LLP is an Incorporated Partnership Firm registered under Limited Liability Partnership Act, 2008 with limited liability and has a perpetual succession.
LLP is a hybrid between a Company and Partnership Firm. The LLP is a separate legal entity, where no partner is liable for unauthorized the action of the other partners and liability of the partner is restricted to this own Contribution and LLP is flexible in structure & operation in management, due to flexibility in structure and operation in management, LLP is suitable for small enterprises. Unlike Private limited Company, the Partner of LLP have right to manage the business.
LLP agreement describes the Roles, Rights, Duties, Responsibilities and Liabilities of the Partners.
If you want to register your Limited Liability Partnershipthan VS IPR & LEGAL ADVISORS will help you in Registration and in all the Compliance after Registration.
ANALYSIS ON LIMITED LIABILITY PARTNERSHIP
Minimum Designated Partner 2
Maximum Partner Unlimited
For incorporation of LLP at least one Partner must be an Indian resident.
REGISTRATION BENEFITS OF LLP
LLP is a simple form of partnership business and easy to Incorporate with limited liability and minimum partners.
· Lesser Compliance
Compliance requirement of the LLP is lesser as compared to the Private Limited or Public limited Company. Basically, there are only 2 annual forms and a Partner KYC form to be submitted with ROC in a year and Audit is not required unless turnover is increase more than 40 lakhs or Capital is increased more than 25 lakhs.
· Flooded recourses
More capital can be brought to the LLP as the number of people involved increases.
· More talent, idea & skill
Partner brings new skills & ideas to expand the business to take it at a global level.
· Less tax burden
No tax levied on the distribution of profit amongst the partners.
· Scope of expansion
As Compare to partnership firm LLP has got more Credibility in Corporate world so chance of getting Quality and Quantity work is more.
DOCUMENTS REQUIRED FOR LIMITED LIABILITY PARTNERSHIP