LLP is a Limited Liability Partnership, an alternative
corporate business that offers the benefits of limited liability of a company
and the flexibility of a partnership firm. In this type of firm, partners have
limited liability. This means their personal assets cannot be used for paying
off company’s debts.
One partner cannot be made responsible for the misconduct of
the other. Limited liability partnership registration is the preferable form of organization among the business
class. It offers the benefits of both the partnership firm as well as a company
into single form of organization known as LLP.
In a Limited liability partnership firm, minimum 2 partners are
required. There’s no limit to the maximum number of partners. One partner must
be the resident of India. All the limited liability partnership firms are
governed as per the provisions of Limited Liability Partnership Act, 2008.
The LLP agreement governs the rights, duties and
responsibilities of the partners who must comply with all the provisions of LLP
Act.
Registering LLP:
To have a business entity, an important way is to go for LLP.
As a result, it is necessary to follow the steps of LLP firm Registration under LLP Act, 2008. The formation of LLP is
easy in terms of incorporation and management.
This is one of the reasons, professionals, micro and small
businesses prefer to get registered as LLP. There are simple compliance
formalities.
Following steps are
included in the registration process:
-
Get Digital signature certificate.
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Opt for digital signatures of all the partners
involved.
-
All the documents required in the online LLP registration in India are digitally
processed and would require digital signatures of the partners. These
certificates are available from government recognized certified agencies.
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Director identification number is required by all
designated partners or those who are intending to be designated partners of the
proposed LLP.
-
Conduct a free name search on MCA portal before quoting
a name in the formation process. You must choose a name that doesn’t resemble
to any other name of the company.
You can get in touch with experts at Insta C.A. to complete the
LLP process under appropriate guidance.
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ReplyDeleteA BILL to establish rules for the creation and management of limited liability partnerships, as well as for issues related to or incidental to those partnerships. (1) The Limited Liability Partnership Act of 2008 may be used to refer to this legislation. (2) It encompasses all of India.
ReplyDeleteDisadvantages of LLP - The limited liability partnership is one of the most popular business structures for protecting individuals from liability lawsuits, while also providing them with the benefits of corporations.
ReplyDelete
ReplyDeleteAdvantages of LLP: Limited liability protection, operational flexibility, and simplified compliance.
Disadvantages of LLP: Limited access to capital markets, complex formation, and potential personal liability in cases of partner misconduct.
advantages and disadvantages of llp