limited liability partnership

Limited-Liability-Partnership

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Limited Liability Partnership
What is LLP?

A Limited Liability Partnership is a hybrid of Company and Partnership form of business. It combines the advantages of both the Company and Partnership into a single form of organization. It enjoys the benefits of having a separate legal entity, perpetual succession and a limited liability.

register-process
  • 1. Pan Card of All partners
  • 2. ID Proof of all partners
  • 3. Address Proof of all partners
  • 4. Proof of registered address
  • 5. NOC from the owner of registered office
  • 6. ID proof of owner of registered office
How is LLP different from Private Limited Company?
    Merits
  • Lower cost of formation
  • LLP requires minimum 2 partners. There is no limit on maximum partners
  • No requirement of minimum contribution
  • Audit is not compulsory till contributions crosses 25 Lakhs or turnover crosses 40 lakhs
  • Lower compliance burden
  • Profits of a LLP can be easily withdrawn by the partners and there is no Dividend Tax liability
    Demerits
  • LLP Can’t raise money from public.
  • Any act of the partner without the other partner, may bind the LLP
  • Cant issue ESOPs/Sweat Equity

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