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Limited Liability Partnership Registration ?
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What is Limited Liability Partnership (LLP) Registration?
Limited Liability Partnership (LLP) Registration is the process of legally forming a business structure where two or more partners manage and operate a business under the umbrella of limited liability protection. In an LLP, each partner’s liability is limited to the amount they have invested in the business, protecting personal assets from the business’s debts and liabilities. LLPs combine the advantages of both partnerships and limited liability companies, making them a popular choice for professionals and small to medium-sized businesses.
Key Features of Key Features of LLP
Limited Liability
Separate Legal Entity
No Minimum Capital Requirement
Flexible Management Structure
Perpetual Succession
Tax Benefits
Tax Benefits
Requirements for LLP Registration
Start Small, Dream Big
At least two partners are required to form an LLP. There is no maximum limit on the number of partners.
At least two designated partners, one of whom must be a resident of India, are required. Designated partners are responsible for compliance and legal obligations.
All designated partners must obtain a DSC to sign electronic documents for LLP registration.
All designated partners must have a DIN, which is a unique identification number for directors.
An LLP agreement outlining the rights, duties, and responsibilities of the partners must be drafted and filed with the Registrar of Companies (RoC).
The LLP must have a registered office in India where official correspondence can be sent.
Documents
Pave The Way of Legal Pprotection
Aadhar & Pan
No. of Directors
Residence Proof
Rent agreement and NOC for last 30 Days if Rented
Education
Education Qualification of all DIrectors
Digital SIgnature
Personal DSC for all Director
Company Name
Minimum Two Name of Company for Name approval
Director Identification Number (DIN)
Advantages
The Way of Sustainable Growth and Resilence
Disadvantages
Company Carries Risks
Limited Growth Potential
LLPs may face challenges in raising capital, as they cannot issue shares like a corporation.
Limited Recognition
LLPs may not be as well-recognized as companies, potentially affecting credibility with investors and clients.
Compliance Requirements
While less than a company, LLPs still have annual compliance obligations, such as filing annual returns and financial statements with the RoC.
Transferability of Ownership
Transferring ownership in an LLP is more complex compared to a company, as it requires the consent of all partners.
No Eligibility for Startup Benefits
LLPs may not be eligible for certain startup benefits and incentives available to private limited companies.
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