Incorporate a Limited Liability Partnership (LLP)

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Limited liability partnership (LLP) is a type of business entity which offers limited liability to its owners and requires minimal maintenance. Read the PPT to know more about LLP. For LLP registration, visit:- https://www.myefilings.com/llp-registration

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Limited Liability Partnership:

Limited Liability Partnership Incorporation of

What is a Limited Liability Partnership (LLP)?:

What is a Limited Liability Partnership (LLP)? Limited liability partnership (LLP) is a kind of business entity that offers limited liability to its owners and needs negligible maintenance. The distinctive feature of LLP is that one partner isn't responsible for the negligence or misconduct of another partner and it's a mixture of benefits of a Pvt. Ltd. and Partnership Firm. LLP is taken into account as a separate legal entity and partners are liable solely to the extent of their capital contribution.

What are the advantages of incorporating a Limited Liability Partnership (LLP)?:

What are the advantages of incorporating a Limited Liability Partnership (LLP)? Separate Legal Entity: LLP is taken into account as a separate legal entity and as an artificial judicial person as per the Act. Being an artificial judicial person, LLP can purchase its own property and incur its own debts. Partners of the LLP have liability restricted to their capital for debts of the LLP. Perpetual succession: Since LLP is taken into account as an artificial judicial person, its existence isn't affected by death, retirement or any other kind of departure of its partners. LLP continues its existence unless it's lawfully dissolved as per the provisions of law.

What are the advantages of incorporating a Limited Liability Partnership (LLP)?:

What are the advantages of incorporating a Limited Liability Partnership (LLP)? Lesser Compliances: Auditing of books of accounts isn't needed if LLP includes a turnover of less than Rs . 40 lakhs or capital contribution of less than Rs . 25 lakhs. This protects the price and efforts of LLPs and its ideal for small businesses or new startups. Transferability: Interest in LLP will be simply transferred by introducing a brand new selected partner in LLP. It may be a separate legal entity and dynamic in nature, a designated partner doesn't have an effect on its existence.

What are the advantages of incorporating a Limited Liability Partnership (LLP)?:

What are the advantages of incorporating a Limited Liability Partnership (LLP)? Ownership of Property: Being an artificial judicial person, it can purchase property in its own name. The LLP is the owner of the property and therefore the partner cannot claim this property. Limited Liability : Limited liability of its partners is one among the foremost necessary benefits of LLP. The liability of a partner in respect of LLP’s debts is limited.

What are the advantages of incorporating a Limited Liability Partnership (LLP)?:

What are the advantages of incorporating a Limited Liability Partnership (LLP)? Capacity to sue and be sued: LLP is an artificial judicial person. Just as an individual can initiate legal proceedings against another person, LLP may also initiate legal proceedings against another person, company or LLP. Multiple Relationships: A n individual may be a partner, worker or a creditor of an LLP. There are completely different contracts with the same person in numerous capacities.

What are the documents required for registering a Limited Liability Partnership (LLP)?:

What are the documents required for registering a Limited Liability Partnership (LLP)? Documents required for Registration: Identity Proof Address Proof PAN card of all Directors NOC Additional documents

How to register a Limited Liability Partnership (LLP)?:

How to register a Limited Liability Partnership (LLP)? Steps required for registration: Obtain DSC application from MCA. Apply for DIN. Name approval. Incorporation of LLP. File for an LLP agreement.

About:

About MyEfilings is the leading Online company registration portal in India. We provide 100+ services to our valuable customers focusing on Business Registration, Registration of Private Limited Company, LLP Registration , Partnership Firm, Tax Registration, One Person Company, Public Limited Company, Proprietorship and more. We specialize in managing and growing your business. To know more about our services, visit MyEfilings’s website or contact us on [email protected]

To know more about our services, visit our website:- https://www.myefilings.com/ :

To know more about our services, visit our website:- https://www.myefilings.com/

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