A Limited Liability Partnership (LLP) is a business structure that combines elements of both partnerships and corporations. In an LLP, partners have limited liability, meaning they are not personally liable for the debts and obligations of the partnership beyond their investment in the business. This is similar to the limited liability enjoyed by shareholders in a corporation.
LLPs are often favored by professional firms such as law firms, accounting firms, and consulting companies, where partners want to protect their personal assets from the actions of other partners. LLPs also offer the flexibility of a partnership in terms of management and taxation.
In many jurisdictions, LLPs are required to register with the relevant government authorities and adhere to specific regulations governing their operation. These regulations vary from one jurisdiction to another. Typically, LLPs are taxed as partnerships, with profits and losses flowing through to the individual partners' tax returns.
Overall, an LLP provides a balance between the flexibility of a partnership and the limited liability protection of a corporation, making it an attractive option for certain types of businesses.
Pvt. Ltd. Company -Incorporation Certificate [sample]
Take a closer look at the benifits of LLP egistration in India
An LLP is a separate legal entity from its partners. It is a major benefit that is not available for partnership firms.
helps in protecting the personal assets of the owners with limited liability protection.
The cost of registering an LLP is comparatively lower than a private limited company.
An LLP can be formed with the least amount of capital as there is no minimum capital requirement for forming an LLP.
One of the key benefits of registering an LLP is lower compliance requirements. Mandatory criteria for annual compliances of an LLP are on the lower side as when turnover is less than 40 lakhs, LLP audit is optional.
Documents of both the partners and LLP have to be submitted for incorporating a Limited Liability Partnership:
The expert team at Professional Utilities can help you incorporate a Limited Liability Partnership in India. Register your LLP online in a fast and most affordable manner in three easy steps:
Step:1
Get in Touch via Call or Contact Form
Step:2
Provide necessary Documents
Step:3
Get your incorporation registered
into 10-15 Working Days
Following are the documents you'll receive after registering an LLP in India:
