LIMITED LIABILTY PARTNERSHIP
LLP is an incorporated partnership formed & registered under LLP Act, 2008 with limited liability and has a perpetual succession.
An LLP is a hybrid between a Company and Partnership Firm. The LLP is a separate legal entity, where no partner is liable for unauthorized action of the other partners and liability of partner is restricted to this own Contribution and LLP is flexible in structure & operation in management, due to flexibility in structure and operation in management, LLP is suitable for small enterprises. Unlike Private limited Company the Partner of LLP have right to manage the business.
LLP agreement describes the Roles, Rights, Duties and Liabilities of the Partners.
If you want to Register your Limited Liability Partnership than HMJG LEGAL E-SERVICE INDIA PVT LTD will help you in Registration and in all the Compliance after Registration.
ADVANTAGES OF LLP
Audit is not required unless turnover is increase more than 40 lakhs or Capital is increased more than 25 lakhs.
Compliance requirement of the LLP is lesser as compare to the Private Limited Company or Public limited Company. Basically there are only 2 annual forms to be submitted with ROC in a year.
More capital can be brought to the firm as number of person involvement increases.
MORE TALENTS, IDEAS & SKILL
Partner brings new skill & ideas to expand business to take it at a global level.
LESS TAX BURDEN
No tax levied on a distribution of profit amongst the partners.
SCOPE OF EXPANSION
As Compare to partnership firm LLP has got more Credibility in Corporate world so chance of getting Quality and Quantity work is more.
Frequently Ask Questions on LLP:
How many people are required to incorporate a Limited Liability Partnership?
Is an office required for starting a One Person Company?
- Agreement Copy of Office Premises (Sale/Purchase Agreement or Lease Agreement and NOC).
- Address proof of office address (latest electricity bill or latest Gas bill or Mobile bill).(Latest electricity bill in case of rented accommodate Indian National).
- PAN Card of the Individual (All Partners)
- Address Proof of the Individual Partners (Electricity Bill, Telephone Bill, Bank statement or passbook or rent agreement and latest electricity bill in case of rented accommodation).
- Photo ID Proof of the Individual Partners (Passport, Driving License, Voter ID or Aadhaar Card)
- SIX (6) Proposed Name.
- Object of the LLP
- Capital contributed by each Partner.
- Din No. of Minimum two Partner