Limited Liability Partnership
Limited Liability Partnership is a form of business entity that is seen as a partnership. However, it does have the limited liability perk protecting the assets of the LLP owners. Introduced by the Limited Liability Partnership act of 2008, it is most popular form of business infrastructure after a company. In order to establish it, you need to go through LLP registration in India.
Being Limited Liable is not the only way that an LLP differs from a partnership. In partnership firm, if one partner does something wrong, both the partners are held accountable. However, one of the major benefits of LLP registration in India is that one partner’s misconduct aren’t going to affect the other partner.
The other features of LLP are as follows:
- It is a separate legal entity from its members
- Members have access to limited liability
- An LLP is more flexible than a partnership.
- A Limited Liability Partnership agreement is created and signed by the partners beforehand before business is started.
- It requires at least two designated members.
- It comes under the Limited Liability Partnership Act of 2008.
These features are the reasons why many entrepreneurs around India gravitate towards the LLP registration in India.
Process of Registration
The LLP Registration process in India is quite easy. As a result, several business individuals find it easier to establish their businesses as an LLP. The process is as follows:
- Get the DSC (Digital Signature Certificate) of the members of the LLP
- Apply for, and obtain the Director Identification Number.
- Get Approval for the name of the LLP.
- Get the LLP incorporated under the LLP act of 2008 by filing the application along with the documents required.
- File the Limited Liability Partnership Agreement
The LLP Agreement entails the details of powers wielded by the partners of the LLP.
Start LLP registration process
Starting a Limited liability partnership firm in India can be made easy through Becompliantnow. Our business professionals that consist of Chartered Accountants, Company Secretaries and others can aid you establish your LLP.
And then, you can touch the skies with your business.