Limited Liability Partnership

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What is Limited Liability Partnership – An overview?

LLP is similar to Limited liability Companies with respect to compliance and operational requirements. Recognized as a separate legal entity from its partners, it can contract to involve in any legal proceedings in its LLP name. The partners of a Limited Liability Partnership separate business liabilities or debts being recovered from their personal assets. The Compliance of requirements here is greater than in regular partnership firms. However, LLP Compared to a private limited company structure, is easier to incorporate and maintain.

What are the advantages of registering a business as an LLP?


Limited Liability of Partners

A Limited Liability Partnership can enter into a contractual relationship in its own capacity, it is a great advantage to the partners for limiting their personal risk up to the contribution. The liability of the financial contribution of any partner is restricted to the capital contribution as per the LLP agreement.


Limited Liability Partnership Agreement among partners of a Limited Liability Partnership, clarifies the operating structure including the rights and responsibilities of the Designated Partners. Limited Liability Partnership would select a “Designated Member” who would control day-to-day operations and activities. Further, this structure allows to clearly define the roles of the partners and their responsibilities.


An LLP has also a separate legal entity different from its Designated partners or partners. This means that type of Firm is responsible for the management of its assets and liabilities, debtors, and creditors. And Partners and Designated partners are not responsible for it. So, the creditors may not proceed against shareholders to recover the money.


A key benefit of registering a Limited Liability Partnership over as a private company is a lesser compliance requirement. The LLP doesn’t have a mandatory audit requirement until a certain level of turnover or gross receipts. The LLP does not apply compliances related to board meetings, statutory meetings, etc. as a company.


Proffstax is a leading Business Consultant to quick LLP Registration Service in India with process:

  • Preparation of Digital Signature Certificate (DSC) and Director Identification Number (DIN).
  • Choosing Unique Name for your LLP.
  • Preparing Forms, Documents, LLP Deed.
  • Filing e-forms with MCA.
  • Allotment of LLPIN, PAN & TAN.
  • After this, you can open a current bank account with the Certificate of Incorporation and begin your business operations.