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The Limited Liability Partnership (LLP) is a hybrid business structure established under the Limited Liability Partnership Act, 2008. This unique entity combines the flexible internal governance of a partnership with the distinct legal personality and limited liability protection afforded to a corporation. As a separate legal entity from its partners, an LLP possesses the capacity to hold property, enter into contracts, and incur liabilities solely in its own name. This feature shields its partners' personal assets from potential debts, liabilities, and damages arising from the LLP's business activities. Moreover, the LLP enjoys perpetual succession, enabling uninterrupted business continuity even upon the withdrawal or death of any partner.
The Limited Liability Partnership Act, 2008, grants LLPs a distinct legal status, separate and distinct from their partners. This independent legal personality empowers the LLP to hold property, incur obligations, and sue or be sued in its own right. Consequently, partners' personal assets are shielded from liabilities arising from the LLP's business operations, offering them substantial protection from financial exposure. This limited liability feature, coupled with the LLP's internal flexibility and perpetual succession, makes it a compelling choice for professionals, entrepreneurs, and businesses seeking a dynamic and legally resilient structure for their ventures.
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Limited Liability Shield: Your personal assets are generally safeguarded from the LLP's debts and liabilities.
Enduring Business Existence: Unlike a traditional partnership, where a partner's departure can dissolve the whole entity, an LLP enjoys "perpetual succession."
Tailored Internal Governance: An LLP Agreement serves as your blueprint, allowing you and your partners to define rights, obligations, and profit-sharing ratios with incredible flexibility.
Streamlined Registration and Compliance: Setting up an LLP is far simpler than incorporating a company.
Ditch paperwork marathons! Registering your LLP in India is now digital and swift. Choose your unique name, secure digital signatures and partner IDs, and file e-forms with ease through the MCA website. Enjoy limited liability protection, perpetual succession, and flexible internal governance – all yours with an LLP. Get started today and watch your business blossom!
Stage 1: Apply company name for approval
Stage 2: Identify partners and profit sharing ratio.
Stage 3: Prepare partnership agreement
Stage 4: Obtain Digital Signature Certificates (DSCs) for partners and apply for DIN.
Stage 5: File e-form on MCA.
Stage 6: Receive incorporation certificate and open bank account
Stage 7: Appoint a Chartered Accountant (CA)
Stage 8: Comply with ongoing requirements.
As per LLP Act, 2008
No. of Partners: Minimum 2 (Designated); Maximum no limit.
Perpetual Succession: LLP outlives partners, debts, even bankruptcy. It's forever business.
Agreed Contribution: No min. investment, just big dreams.
Limited liability: Shield your personal assets, only contribution at risk.
Registration and Compliance: egistering an LLP in many jurisdictions is generally considered a simpler and more cost-effective process.
Registration done, compliance awaits! Avoid fines, we've got you covered.
List of required compliances after registration:
Auditor Appointment: Within 30 days of incorporation, a company must appoint a practicing Chartered Accountant(CA).
Commencement of Business: Within 180 days shareholders shall deposit share capital amount in company bank account, and file it to receive commencement certificate.
RoC/MCA Filings: A registered company has to complete various compliances through different forms. At Consultanttank we have tailor-made services to cover your RoC/MCA filings.