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Business Structure that is Easier to Keep in Good Legal Standing
Register your business that guarantees more flexibility and fewer hassles. Create your own rules to govern your business by registering your LLP today.
A Limited Liability Partnership, commonly known as LLP enjoys the advantages of both the Company and Partnership into a single type of business. The type of business model has been launched in India by way of Limited Liability Partnership Act, 2008. In an LLP company, one partner cannot be held accountable or liable for another partner's wrongdoing or negligence; this is a major difference from that of an unlimited partnership.
All partners registered in an LLP possess a kind of limited liability for each individual's defense within the partnership, very much similar to that of the shareholders of a corporation. However, contrary to corporate shareholders, the partners carry the right to run the business directly.An LLP also confines the individual liability of a partner for the mistakes, oversights, ineffectiveness, or inattention of the LLP's employees or other representatives.
The existence of an LLP largely depends on the regular annual compliances. In case of non-compliance, the LLP will become inactive and its registration will get cancelled after a specific period of time.
Note:- Your registered office need not be a commercial space; it can be your residence, too.
What is the difference between LLP and Private Limited Company?
An LLP is comprised of partners whereas a Private Limited Company has shareholders.
Who can be held accountable for misbehavior or negligence in an LLP?
A partner who has made any wrongdoing is held responsible for his misconduct, not its other partners.
What is known as Designated Partner Identification Number (DPIN)?
This unique numerical code is given to a person and remains active for the whole life of that individual. It is a prerequisite to become a partner in an LLP.
What is the process of selecting a name for LLP?
Primarily, it is required to get a unique name as prefix. The partners need to furnish name of the proposed LLP along with the detailed description of the name chosen. Eventually before picking Names, it is advisable to verify the name on MCA Portal, MCA Guidelines and Trade Mark website the availability of Name.
When can one get the Certificate of Incorporation?
After LLP Form -2, will get certificatie of incorporation.
How to file LLP Agreement?
A Form 3 is typically used to file an LLP Agreement.
Is LLP considered a corporate body?
Name the documents required during the setup of Limited Liability Partnership Company
Following documents are required to be submitted at the time of incorporating a Limited Liability Partnership
Who is allowed to setup an LLP?
Any two individuals who get ready to form a partnership can incorporate an LLP.
How much minimum contribution needed to form an LLP?
There is no limit on minimum contribution required for the incorporation of an LLP.
Is the physical presence of promoters necessary to setup an LLP?
How much time it takes to set up an LLP?
When it comes to incorporate an LLP, the general time needed is approximately 10-20 working days but depends upon state.
Is it possible for an LLP to own a property on its name?
Yes, a Limited Liability Partnership can have a property on its own name.
What is known as the certificate of incorporation of the LLP?
Certificate of Incorporation is a certificate issued by the registrar of companies after due verification of the documents submitted by the proposed partners of an LLP. It is the conclusive evidence of incorporation of an LLP.
Can a salaried individual become the partner in LLP?
Is there any limit on the number of members in an LLP?
In case of Partnership firm, a maximum of 20 members are allowed but for LLP there is no maximum
Can an LLP be setup for non-profit activities?
No, an LLP can't be incorporated for Non-profit activities.
What are the annual compliances applicable for an LLP?
It is mandatory for an LLP to file annual return, LLP Form -8 and Form -11, Statement of Accounts and Solvency as a part of annual compliance.
Can an existing partnership firm or company be converted into an LLP?
Yes, it is possible. An existing partnership firm or a company that is unlisted can be converted into LLP. There are several benefits of converting a partnership firm into a LLP; however, the same doesn't apply for the conversion of a Company to a LLP.
Advantages of an LLP Company