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Introduction:

A Limited Liability Partnership (LLP) is a popular business structure that combines the flexibility of a partnership with the limited liability protection of a corporation. In this article, we'll explore the meaning of an LLP, its numerous benefits, and the essential requirements for establishing one.

Meaning of a Limited Liability Partnership (LLP):

A Limited Liability Partnership (LLP) is a business entity that offers its owners, known as "partners," limited liability protection. It combines the characteristics of a traditional partnership with the advantages of limited liability, shielding the personal assets of partners from the business's debts and liabilities.

Benefits of a Limited Liability Partnership (LLP)

1. Limited Liability

2. Flexibility in Management

3. Pass-Through Taxation

4. Ease of Formation

5. Separate Legal Entity

Requirements for Establishing a Limited Liability Partnership (LLP)

1. Minimum Partners: An LLP must have a minimum of two partners to be formed. However, there is no upper limit on the number of partners.

2. Registered Office: The LLP must maintain a registered office address in the respective state or jurisdiction where it's registered.

3. LLP Agreement: An LLP agreement is a crucial document that outlines the roles, responsibilities, profit-sharing, and management structure of the partners. It should be properly drafted and filed.

4. Designated Partners: Every LLP must have at least two designated partners who are responsible for regulatory compliance and signing documents on behalf of the LLP.

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