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LLP Registration

Limited Liability Partnership (LLP) has introduced by LLP Act, 2008. A limited liability partnership or LLP is a form of partnership in which the partners have limited liability. In simpler terms, this means that you can have 2 or more than 2 partners in an LLP. Also, the partners are not liable to pay for the firms debts or creditors from their personal assets.

The important step in an entrepreneur’s journey in registering business is to Choosing the right form.

IIn LLP, a NRI or Foreign National can be a Partner but at least one Partner must be a Resident of India.Foreign Direct Investment is allowed by the Foreign Investments Promotion Board but Foreign Institutional Investors and Foreign Venture Capital Investors cannot be permitted to invest.

Advantages of Limited Liability Partnership (LLP)

  • Limited Liability :

    Limited Liability implies that the owners or shareholders of the company are not personally liable to pay the business debts.
  • Legal Entity :

    An LLP is a legal entity and a juristic person. It has wide legal capacity and can own property.
  • No Audit Required :

    Limited Liability implies that the owners or shareholders of the company are not personally liable to pay the business debts.Perpetual Existence refers to the continuation of an incorporated firm’s existence, which implies that these firms are unaffected by the death of owner or the transfer of its shares to a new establishment.
  • Perpetual Existence :

    No audit required if it has less than Rs. 40 lacs of turnover and less than Rs.25 lacs of capital contribution.
  • Easy Transferability :

    The ownership of a LLP can be easily transferred to another person by inducting them as a Designated Partner of the LLP Company.

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