Start your dream business in a day by forming a Limited Liability Partnership
LLP Registration in India has grown in popularity as an alternative business structure that combines the benefits of a corporation and the flexibility of a partnership firm into a single entity. The Limited Liability Partnership Act of 2008, which established the concept of LLP in India, was passed in 2008. This one-of-a-kind hybrid is ideal for small and medium-sized organizations.
In India, managing and forming a Limited Liability Partnership is quite simple. A minimum of two partners is necessary to form an LLP, but there is no upper limit. The Partners’ rights and responsibilities are outlined in the LLP agreement. In an LLP, one partner is not liable for the wrongdoings or negligence of the other. The LLP agreement specifies that the partners are accountable for all compliances and requirements.
In India, the cost of forming an LLP is significantly less than that of forming a public limited company or a private limited business. For only 7899, you may create an LLP with Fastrack Filings.
A limited liability partnership (LLP) has a minimum of two members, but there is no limit to the number of partners. A private limited company, on the other hand, cannot have more than 200 members.
Regardless of whether the company is public or private, it is required to have its accounts audited. However, there is no such obligation in the case of LLPs, which is considered one of the key compliance benefits of incorporating an LLP.
The LLP is responsible for paying income tax, while the partner’s share is exempt from taxation. As a result, there is no Dividend Distribution Tax (DDT) to pay.
A minimum of two partners is required.
A Limited Liability Partnership (LLP) must have at least two partners but can have any number.
The entire procedure of forming an LLP takes place online. All you have to do now is submit the documents on the internet. Our consultants will do regular follow-ups. It entails
There are various reasons why one should incorporate an LLP.
A limited liability partnership (LLP) is a hybrid of a partnership and a limited liability company that combines the benefits of both.
Although both offer the same characteristics, it is usually preferable to form an LLP over a Private Limited Company. Incorporating an LLP is less expensive than forming a Private Limited Company. Similarly, the LLP’s owner has both ownership and management over the business. In comparison to a Private Limited Company, the LLP has fewer compliances.
A minimum of two partners is required to incorporate an LLP.
A natural person over the age of 18 must be the designated Partner. The LLP Act of 2018 permits a foreign individual, including a foreign company, to form an LLP in India if at least one of the selected partners is an Indian national.
Apart from the above-mentioned characteristic of limited liability, a business has the following important characteristics.