Limited Liability Partnership (LLP) Registration

Limited Liability Partnership (LLP) was launched in India in 2008 by way of the Limited Liability Partnership Act. The fundamental reason behind the launching of Limited Liability Partnership (LLP) to give a Perfect business structure for Small and Medium-sized business houses going for Partnership.

It restricts the liabilities of its partners to their contributions to the business and furthermore offers each partner security from the negligence, wrongdoings or inadequacy of different partners.

Since, its launch in 2010, LLPs have been generally welcomed with more than one lakhs registration in India India.

LLP is perhaps the most effortless sort of organization to incorporate and oversee in India. With a simple procedure and simple compliance formalities, LLPs are favored by Experts, Smaller scale and Independent companies that are family-possessed or intently held.

Cost:

Getting a limited liability(LLP) partnership is registered is slightly costlier than registering a partnership. Taxxinn helps you register a limited liability partnership (LLP) completely online.

Authority:

LLPs are registered in India under the Central Government i.e Ministry Service of Corporate Affairs. Partnership firms are registered under State Government i.e Registrar of Firms which is fully controlled by the state government.

Limited Liability Protection:

One of the important benefits of Limited Liability Partnership compared to a partnership firm is that one partner is not liable or responsible for unfortunate behavior or carelessness or misconduct. An LLP additionally gives restricted liability protection to the proprietors from the debts of the LLP. In any case, in contrast to private limited company shareholders, the partners of an LLP reserve the right to manage with the business directly.

Legal entity:

Limited Liability Partnership(LLP) are separate legal entities and the liabilities and assets are separate from the partner of LLP. Whereas the Partnership firm is not a separate legal entity.

Cost:

The cost of registering a Limited Liability Partnership(LLP) is the lowest and even the same as other commonly registered entity PVT or OPC.

Lesser Compliances:

The compliance for Limited Liability Partnership(LLP) is least compared to PVT or OPC registration.

No Audit:

In contrast to Private Limited Company, LLP isn't required to get audited on the off chance that nil turnover.

Minimum Requirement:

Limited Liability Partnership(LLP) registration requires at-least two individuals to kick start and there is no minimum capital required.

Profit Withdrawal:

Profit can be pulled back effectively without paying any tax, not at all like companies.

Flexible Agreement:

The flexible agreement permits to draft rules and guidelines as according to one advantage.

Simple Filings:

In a year totally of two forms are just required to be filed for an LLP.

In order for any Limited Liability Partnership(LLP) to be registered in India, the below conditions have to be met.

Two Directors:

A Limited Liability Partnership(LLP) must have at least two Designated Partner and more, there can be 15. Of the directors in the business, at least one must be an occupant of India.

Unique Name:

The name of your business must be Unique. The recommended name should not match any current organizations or trademarks in India.

Minimum Capital Contribution:

There is no Minimum capital Contribution to a company. A Limited Liability Partnership(LLP) should have an authorized capital of in any event Rs. 1 lakh.

Registered Office:

The registered office of an organization doesn't need to be a business space. Indeed, even a leased home can be the registered office