Limited Liability Partnership (LLP) is an excellent way to offer protection to Entrepreneurs venturing into partnership. In LLP one partner of the company is not liable or responsible for another partners misconduct. A Limited Liability Partnership is also ideal for small businesses.
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A Limited Liability Partnership (LLP) is a partnership wherein some or all of the partners (depending on jurisdiction) have limited liabilities. It can therefore display the elements of partnerships and companies.
The notion of Limited Liability Partnership (LLP) was implemented in India by means of the Limited Liability Partnership Act, 2008.
A start up registration in a Limited Liabilities Partnership in India is recommended for small and medium sized corporations. The tax rate for LLP is 30%.
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The greatest distinction between a partnership and a limited liability partnership is with regard to personal liability. For partnerships, each partner is personally liable for all of the partnership's debts. LLPs, on the other hand, primarily ensure that partners are not liable for the actions of other partners.
The features of LLP can be stated as:
Indian Citizen- Voter ID/ Driving License/ Passport
Foreign Nationals- Passport
Bank Statement/ Electricity Bill/ Mobile Bill
Electricity Bill / Rent Agreement
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|Limited Liability Partnership||Proprietorship||Partnership||Private Limited Companies||One Person Company|
|Registration||Registered with MCA||No formal Registration||Optional||Registered with MCA||Registered with MCA|
|Minimum Members||Two person||One person||Two person||Two person||Two person - One Director, One Nominee|
|Maximum members||Unlimited||One person||Twenty||Two Hundred||Two person - One Director, One Nominee|
|Foreign Ownership||Allowed||Not allowed||Not allowed||Allowed||Not allowed|
|Know More||Know More||Know More||Know More|
At least one of the Designated Partners must belong to India. An individual may be nominated as a Designated Partner by the LLP Corporate Partner Body.
Usually, only start-ups that are not eligible for the LLPs Venture Capital Funding List. This is because venture capitalists invest only in private and public limited companies.
Yes, an existing relationship may be transformed into a LLP by complying with the terms of section 58 and Schedule II of the LLP Act. For such conversion and incorporation of LLP, Form 17 must be filed.
Any non-resident Indian or foreign national may invest in LLP by appointment as a partner or designated partner. There is no prescribed limit on the infusion of capital by the partners or the number of partners in this category.
Supplementary LLP Agreement is to be filed e-form 3 with ROC within 30 days with charges due to modification of the joint rights and duties of the partners and Form 4 shall include a declaration signed by the new partner that he consents to be a partner.
A limited liability partnership may alter its registered office from one location to another by following the protocol laid down in the Limited Liability Partnership Agreement.