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LLP Registration in India has evolved into an alternative company structure that combines the benefits of a private limited company and the flexibility of a partnership firm into a single entity.
Managing and forming a Limited Liability Partnership is quite simple. A minimum of two partners is necessary to form an LLP, but there is no upper limit. In an LLP, one partner is not accountable for the other partner's negligence or misconduct.
Compared to private firms, limited liability partnership companies (LLP) have a lesser number of legal requirements.
A limited Liability Partnership company is a legally distinct legal organisation with limited liabilities. As a result, the partners are not accountable for the firm's losses over the amount they put in the company as share capital.
The registration process and formalities after that are less expensive when compared to other company formations.
It is the best option for wife and husband, friends, family businesses and small businesses.
Compared to other business formations, the LLP has less paperwork and formalities.
As the LLP is a legal entity, banks and financial institutions give loans and other help easily when compared to private limited companies.
If LLP or private limited company is innovative and unique, it will make it eligible for various start-up missions enabling tax benefits.
1
StepTo reserve the company name, an application must be submitted to the Ministry of Corporate Affairs. One or two names with business objectives can be presented in a name approval application.
2
StepAll signatures for MCA files must be completed using a digital signature provided by the Indian Certification Authority. As a result, digital signatures are necessary for the partners before incorporation.
3
StepAfter drafting the LLP agreement along with all necessary documents, the Incorporation application will be filed.
An LLP will continue to exist even after its partners have died, retired, or stepped down.
If one partner makes an independent decision or takes independent action, the others are not liable.
Each partner's tasks, responsibilities, and powers are legally enforceable under an agreement they signed. If no such instrument is made, all rights and powers are divided equally among the partners.
The income of the partners is not taxed
When compared to private limited the Flexibility for share transfer is difficult.