Business Registrations
Limited Liability Partnership (LLP)
What Is a Limited Liability Partnership (LLP) ?
LLP or Limited Liability Partnership has become a popular form of organization among entrepreneurs in India. A Limited Liability Partnership gives the benefits of a Company & a Partnership Firm. An LLP in India is a Partnership Firm established by at least 2 Partners who enter into an LLP Agreement. However, the LLP Partner have limited liability and the LLP has perpetual succession just like a Company. . Ease Compliance can help you navigate the entire process, but first, let’s explore the key aspects of Limited Liability partnership.
Features of a Limited Liability Partnership
Low Cost and Less Compliance
The overall cost of establishing a Limited Liability Partnership is low compared to the cost of registering a Private or Public Limited Company in India. The compliances to be followed by the LLP are also low. The LLP needs to file only 2 Statements yearly (i.e., an Annual Return and a Statement of Accounts and Solvency.
Liabilities are limited
Limited Liability Partnership provides a limited liability benefit to all the designated partners. In case of s business insolvency or loss, the partners’ liability is restricted to the capital contribution as per the LLP agreement. Moreover, one partner is not held responsible for the actions of negligence/misconduct of any other partner.
Separate Legal Existence
Just like a Company, an LLP has a separate legal entity. The Limited Liability Partnership is different from its partners. An LLP in India can sue & be sued in its own name. The Contracts are signed in the name of the Limited Liability Partnership (LLP) which helps to gain the trust of various stakeholders & gives the customers and suppliers a sense of confidence in the business
List of documents required
Documents Required
- Aadhar and PAN Card of the Directors;
- DSC of all the proposed Partners;
- Copy of bank statement or utility bill (not older than two months)
- LLP Agreement
Beyond Incorporation: Ongoing Support
Our services extend beyond incorporation. We can assist you with:
- Maintaining Statutory Registers and Books of Accounts
- Taxation Planning and Compliance
- Financial Reporting and Analysis
- Secretarial Services
Get in Touch with Us Today
Ready to embark on your entrepreneurial journey with a Private Limited Company? Contact Ease Compliance We’ll ensure a smooth incorporation process and provide ongoing support to help your business flourish.