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.