We offer Limited Liability Partnership Registration
Limited Liability partnership Firm
- Easy Formation
Lower Taxes
Employement
Easy to Close
Complete Control
Limited Liability Partnership
To overcome unlimited liabilities concept under partnership business, the concept of
Limited Liability Partnership has been introduced in India by way of Limited Liability
Partnership Act, 2008. The registration of LLP is simple and managed under Ministry of
Corporate affair. LLP enjoy advantages of both partnership firm and company as
corporate and separate legal entity with limited liability. LLP is considered as
alternative corporate business vehicle that provides the limited liability of a company but
allow its members the flexibility of organizing their internal management on the basis
mutual agreement. It gain popularity within very short time after the introduction and
helpful for professional like Chartered Accountants, lawyers, architects, IT professionals etc.
Key Features
- LLP allow for a partnership structure where each partner liability is limited to the extent of his capital contribution. Personal property can’t be liable for attachment in case of any financial loss/ commitment failure of LLP as separate business entity.
- LLP is separate legal entity like partnership firm and can hold separate PAN to file Income Tax return. Like partnership firm, LLP is also liable to pay Income Tax at applicable rate.
- LLP is regulated by Limited Liability Partnership Act, 2008 managed under Ministry of corporate affair. It’s very simple get registration and start the business.
- The continuation of LLP is not effected by death, retirement or insolvency of any partner or partners. Winding up LLP shall be made as per the provision of LLP Act. Whereas admission and retirement of partner from LLP is very simple.
- LLP can be converted to Private Limited Company with limited documentation. Audit is not applicable to LLP if turnover is less than Rs 40lakhs or contribution
less than Rs 25Lakhs. Further, the annual statutory compliance is lesser than that applicable to private limited company. - As per startup scheme LLP is also considered as Startup Company for getting all benefits under startup India.
