Limited Liability Partnership (LLP) has been introduced in India by way of Limited Liability Partnership Act, 2008. LLP is a body corporate which combines the features of both the Company and Partnership into a single form of organization.
Salient Features of LLP
Separate legal entity
Limited Liability of partners. One partner is not responsible or liable for another partners misconduct or negligence
No requirement of minimum capital contribution
Minimum 2 partners are required to incorporate a LLP but no restriction as to maximum number of partners
Perpetual existence irrespective of changes in partners
No requirement of audit of accounts until turnover exceeds prescribed threshold
Registration Process of LLP
Obtaining Designated Partner Identification Number & Digital Signatures
Obtaining Name Approval
Filing of LLP registration documents
Drafting of LLP agreement
Filing of LLP agreement and consent of Designated Partners
LLP is simple to incorporate and manage as compared to a company. We can assist you in incorporating a LLP in India in a timely manner.