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Limited Liability Partnership

Limited Liability Partnership (LLP) firm is a new form of business entity established by an Act of the Parliament. LLP allows members to retain flexibility of ownership (similar to Partnership Firm) but provides a liability protection. The maximum liability of each partner in an LLP is limited to the extent of his/her investment in the firm. An LLP has its owner Permanent Account Number (PAN) and legal status. LLP also provides protection to partners for illegal or unauthorized actions taken by other partners of the LLP. A Private or Public Limited Company as well as Partnership Firms are allowed to be converted into an Limited Liability Partnership.

Pre-requisites for registering a LLP

  • Minimum 2 Partners (Individual or body corporate)
  • Minimum 2 Designated Partners who are individuals and at least one of them
  • should be resident in India.
  • Digital Signature Certificate
  • LLP Name
  • LLP Agreement
  • Registered Office

Salient Features of Limited Liability Partnership

  • Limited Liability

    Limited Liability Partnership is a separate legal entity from its partners and liability of each partner is limited to their contribution.

  • Perpetual Entitty

    LLP has perpetual succession and contains salient features of Company and Partnership.

  • Formation & Cost

    Easy to form LLP and registration cost is low in comparison to company formation.

  • Compliance & Disclosure

    LLP requires less disclosure and compliance requirement is less as compare to other entities.

  • Audit Requirement

    No mandatory requirement of statutory audit upto a certain limit i.e. Turnover or Contribution

  • Taxation

    No income tax charegable on profit distribution in partner's hand.

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