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Limited Liability Partnership (LLP)
Limited Liability Partnership (LLP) has become a preferred form of organization among entrepreneurs in India. An LLP incorporates the benefits of a partnership firm and a company. As the name suggests, an LLP is a partnership firm established by a minimum of two partners who enter into an LLP agreement. However, the partners of an LLP have limited liability and the LLP has perpetual succession just like a company.
The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008. The Limited Liability Partnership Act, 2008 regulates the LLPs in India. Minimum two partners are required to incorporate an LLP. However, there is no upper limit on the maximum number of partners of an LLP.
Separate legal entity : An LLP has a separate legal entity, just like a company. The LLP is distinct from its partners. An LLP can sue and be sued in its own name. .
Low cost and less compliance : The cost of forming an LLP is low compared to the cost of incorporating a public or private limited company..
Limited liability of the partners : The partners of the LLP have limited liability. The liability of the partners is limited to the contributions made by them..
Document Required
- Passport.
- Election Card or Voter Identity Card
- Ration card
- Electricity bill
- Driving licence
- Telephone Bill.
- Aadhar card
