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Fill the form and begin your startup journey with Legavel
Our experts will solve all your startup queries and ask you for information and documents.
We prepare and submit the documents and support you until your assignment is complete.
ADVANTAGES OF LIMITED LIABILITY PARTNERSHIP
Limited Liability for Owners
In a Limited Liability Partnership (LLP), all the partners have a limited liability. In case of loss to the LLP, the liability of the partners is limited to the amounts they have invested in the company.
Recognized Legal Entity
LLPs are incorporated under the LLP Act 2008. In all legal matters it is considered as an Individual Person. The LLP can enter into contracts, borrow money, open bank account in its name. It can sue or be sued, hold, deal and dispose of property in its own name.
Worldwide Accepted Form of Business
Limited Liability Partnership is a recognized form of business in international business transactions.
Higher Profits for the Owners
Due to availability of large capital, LLPs are able to arrange better infrastructure and technologies which in turn results in higher profits.
Business Continuity
An LLP is considered as distinct person in the eyes of Law. Therefore, Its existence does not depend upon existence of Partners. It continues to exist with them as well as after them.
Full Legal Cover
There is full legal cover on the activities of a LLP from the birth to its liquidation. People have, therefore, greater confidence in LLP than they have in a partnership.
WHAT IS A LIMITED LIABILITY PARTNERSHIP?
A Limited Liability Partnership (LLP) is an alternative corporate structure that offers the benefits of limited liability to the partners. Limited Liability Partnership registration in India is now easier after the amendments made in the LLP Act 2008. The compliance and disclosures in the LLP form of business are simple and less complex compared to the Company. Registration of Limited Liability Partnership has become extremely easy from 2018 on wards due to ease of doing business initiatives of MCA.
FEATURES OF LIMITED LIABILITY PARTNERSHIP
Body Corporate
As per section 3 of the Act, an LLP is a body corporate formed and registered under the Act.
Separate Legal Entity
LLP is a legal entity separate from that of its partners. The Liability of the partners is limited to their contribution in the LLP. One partner is not responsible or liable for another partner’s, misconduct or negligence. No exposure of personal assets of the partner, except in cases of fraud.
Continued Existence
LLP has perpetual succession i.e. continued existence and any change in the partners of an LLP shall not affect the existence, rights or liabilities of the LLP and can own assets in its name, sue and be sued.
LLP Agreement
The mutual rights and duties of all partners of LLP and their rights and duties in relation to the LLP shall be governed by an agreement between the partners or between the LLP and its partners. The partners have the flexibility to devise the agreement as per their choice.
Number of Partners and Designated Partners
Every LLP shall have at least 2 partners and shall also have at least 2 individuals as Designated Partners of whom at least 1 shall be resident of India. Any Individual or Body Corporate may be a partner in an LLP.
The process of Limited Liability Partnership (LLP) registration in India is revamped by MCA, effective from 19th September 2018. Now, registration of the LLP can be completed within 10-15 business days. Legavel employs experts like Company Secretaries and Chartered Accountants, who ensure highest level of standards of documentation, customer satisfaction and timely delivery of service. Entire process is managed online, with regular communication and assistance available throughout. We have clients in all major cities of India including Mumbai, Delhi, Bangalore, Pune, Ahmedabad, Hyderabad and every other city in India. We promise a hassle-free experience.
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