LLP refers to Limited liability partnership and is governed by Limited Liability Partnership Act 2008. The advantage of opting for a Limited Liability Partnership over the traditional Partnership Firm is that an LLP gives each partner limited liability. This means that one partner is not responsible for the conduct and negligence of another partner. This is similar to what shareholders enjoy. Another feature is that in an LLP, all partners have the right to manage the business directly.
LLP Registration is one of the most easiest process in India. The compliance and procedures are simple and take a short time to complete. This is the prime reason that many are opting for this kind of business, especially small and micro business. HerambIndia is a top leader in Limited Liability Registration. It helps customers complete the process in 20 days and assures them of quality service.
LLP is one of the easiest form of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities, LLP is preferred by Professionals, Micro and Small businesses that are family owned or closely-held. Since, LLPs are not capable of issuing equity shares, LLP should be used for any business that has plans for raising equity funds during its lifecycle. LLP Registration can be done through HerambIndia in Delhi NCR, Mumbai, Bengaluru, Chennai and all other Indian cities.
You are required to give some information for LLP Registration and email documents..
We draft your application for Name of LLP and file it with the MCA office on your behalf.
We will create all the required documents and file them with ROC on your behalf.
Once your LLP registration is completed we will send DSC and other relevant documents by courier..
A LLP is a legal entity and a juristic person established under the Act. Therefore, a LLP has wide legal capacity and can own property and also incur debts. However, the Partners of a LLP have no liability to the creditors of a LLP for the debts of the LLP.
A LLP has ‘perpetual succession’, that is continued or uninterrupted existence until it is legally dissolved. A LLP being a separate legal person, is unaffected by the death or other departure of any Partner. Hence, a LLP continues to be in existence irrespective of the changes in ownership.
Businesses often need to borrow money. In structures such as General Partnership, partners are personally liable for all the debt raised. So if it cannot be repaid by the business, the partners would have to sell their personal possessions to do so. In a private limited company, only the amount invested in starting the business would be lost; the directors’ personal property would be safe.
A LLP does not require audit if it has less than Rs. 40 lakhs of turnover and less than Rs.25 lakhs of capital contribution. Therefore, LLPs are ideal for startups and small businesses that are just starting their operations and want to have minimal regulatory compliance related formalities.
A LLP being an artificial judicial person, can acquire, own, enjoy and sell, property in its name. No Partner can make any claim upon the property of the LLP – so long as the LLP is a going concern.