LIMITED LIABILITY PARTNERSHIP
A Limited Liability Partnership is a newer form of business partnership where all of the owners have limited personal liability for the financial obligations of the business.
There are no general partners in a limited liability partnership, but an LLP is similar to a general partnership. Each limited liability partner contributes to the everyday business operations. However, each partner enjoys limited personal liability for the other partners’ acts.
- Digital Signature Certificate of the Proposed Partner
- Designated Partners Identification No. or Directors Identification Number
- Application for Name Approval
- Incorporation Documents along with Address Proof for Proposed Place of Business
- Limited Liability Partnership Deed
- PAN Card of Partnership Firm
- Statutory Registration e.g. MSME/GST/TAN etc.
- Open a Current Account in the name of the LLP
- Easy to start as its incorporation formalities are lesser than companies
- Exemption to Audit in case of small sized entity i.e. Turnover less than Rs. 40 Lacs and Capital Contribution less than Rs. 25 Lacs
- The Partners in LLP are not responsible for the act of another partners unlike in case of ordinary partnership
- No minimum requirement of Capital.
- Perpetual Status of Limited Liability Partnership unless it is wound up by Partners.
- No Dividend Distribution tax on payment of profit to its partners.
- Relatively Difficult in accessing the External Finance in the form of Debt and Equity as compared to Company as Limited Liability Partnership cannot issue shares to its investors.
Best fit for:
- Generally for Professional set-up organization desiring to form an association with like-minded people on a profit-sharing basis.
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