LLP is an ideal business structure for all small and medium sized enterprises which are going for Partnership
Limited Liability Partnership is a corporate entity which is registered under LLP Act, 2008. Limited Liability Partnership or LLP is a type of business with more extra benefits when compared to a partnership firm. This type provides liability in partnership firms to its partners at a very low abidance cost.
Moreover, the Partners of the online LLP registration in India can form their internal business structure similar to a partnership firm. To be short, LLP registration in India is also considered as a separate legal entity from its members as it holds the power to extend all its property or assets keeping the liabilities of partners limited.
Therefore, a Limited Liability Partnership or LLP is a hybrid of both company and a partnership firm. Breakeven Advisory, your trusted legal advisor, provides a cost-effective LLP formation service in Madhya Pradesh. You may learn how to register your business here. Breakeven Advisory will take care of all legal formalities and fulfill the compliances, as defined by the Ministry of Corporate Affairs.
The liability of the partners in LLP is limited to the point of his/her contribution to the firm.
An LLP is considered a separate legal entity. This means the firm has assets in its own name and can be sued and can sue. Moreover, not any partner is responsible or liable for another partner’s negligence or misconduct.
The partners of LLP registration firm are free to prepare and draft the agreement as they need, concerning the rules and regulations or rights and duties.
A Limited Liability Partnership firm is an easier and cheaper business structure to run when compared with a private limited company.
1. A minimum of 2 partners is needed to incorporate an LLP. There is no limit on admitting the maximum number of partners.
2. Among the partners, a minimum of two designated partners shall be individuals, and one of them must be resident in India.
3. An amount of contribution is needed, there is no bar on minimum contribution.
4. A valid proof of registered office is required.
5. Legally drafted Limited Liability Partnership Deed is a mandatory requirement.
Limited Liability Partnership is a whole new concept of partnership with limited liability. LLP is a low-cost business entity with less restriction, unlike private or public limited companies. Hence, LLP is eligible for Start-up India Registration; various benefits can be availed through various schemes. On the part of compliance working in LLP is very smooth.
Share your contact details and get free consultancy.
Make Online/Offline payment of your selected service
Submit required documents for further process
After completion of work all documents will be deliverd.