LLP Company Registration
• LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
• The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name.
• The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP.
• Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.
• Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity. Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.
Documents Required from Directors, Shareholders
Documents Required for Registered Office Address
What is an LLP (Limited Liability Partnership) Company?
A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership.
Advantages of an LLP
Separate legal entity: An LLP is a separate legal entity. This means that it has assets in its own name and can sue and be sued. Furthermore, one partner is not responsible or liable for another partner’s misconduct or negligence.
No owner/manager distinction: An LLP has partners, who own and manage the business. This is different from a private limited company, whose directors may be different from shareholders. For this reason, VCs do not invest in the LLP structure.
Flexible agreement: The partners are free to draft the agreement as they please, with regard to their rights and duties.
Limited liability: The liability of the partners is limited to the extent of his/her contribution to the LLP. Unless fraud has been detected, the personal assets of the partner are protected from any liability of the LLP.
Fewer compliance requirements: An LLP is much easier and cheaper to run than a private limited company as there are just three compliances per year. On the other hand, a private limited company has a lot of compliances to fulfil and conduct an audit of its books.
Easy to wind-up: Not only is it easy to start, but it’s also easier to wind-up an LLP, as compared to a private limited company. While it still takes two to three months to complete this process, it can take over a year to close a private limited company.
Source : https://vakilsearch.com/advice/main-advantages-disadvantages-of-an-llp/
Disadvantages of an LLP
Compay Incorporation Process
How long does it take?
Day 1-2
Day 3-4
Day 5-9
Day 10-12
How does it works?
Free Consultation
- Our expert will understand your requirements
- They will provide basic details and documents list required for registration
Make the Payment
- You make the initial fee payment through secure payment gateway towards stamp duty and out of pocket expenses.
Application for company registration
- Application for company name registration under SPICe+
- Procurement of Digital Signature Certificate (DSC)
- Documents drafting including MOA and AOA
- Application for Company registration
- Application PAN and TAN
