Limited Lability Partnership
A limited liability partnership (LLP) is one in which each member bears just a small portion of the firm’s debts and liabilities. Completely online & hasslefree T&C*
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What is Limited Liability Partnership?
An LLP combines characteristics of both a corporation structure and a partnership company, creating a hybrid entity that offers the best of both worlds. Partners are obligated to contribute to the LLP in accordance with the terms of the LLP Agreement, and their contributions can take the form of tangible or intangible assets, moveable or immovable property, money, or currency.
Individual members of an LLP are not personally accountable for any losses or debts incurred during business operations because the Company itself is liable in an LLP.
How it Works
Steps of Limited Liability Partnership Incorporation Application.
Step 1
Details about the Limited Liability Partnership Agreement and any modifications made to it.
Step 2
Notice of appointment, cancellation, or change in name/address/designation of a designated partner.
Step 3
Acceptance of the role of Designated Partner.
Frequently Asked Questions
What exactly is an LLP Agreement?
The LLP Agreement is a legal contract that describes the rights, responsibilities, and obligations of Limited Liability Partnership (LLP) partners. It oversees the LLP’s internal operations, profit sharing, decision making, and conflict resolution.
How does an LLP partner get kicked out?
A partner in an LLP can be dismissed by following the processes outlined in the LLP Agreement. In general, this entails acquiring the assent of other partners, completing the necessary paperwork, revising the LLP agreement, and alerting the appropriate authorities.
Who qualifies for LLP?
An LLP can be formed by two or more individuals or companies, including foreigners/NRIs. Accountants, lawyers, consultants, and other professionals frequently create LLPs to pool their knowledge and restrict their responsibility.
Which is preferable, LLP or Pvt Ltd?
The decision between an LLP and a Private Limited Company (Pvt Ltd) is influenced by a variety of criteria such as the nature of the business, long-term goals, funding requirements, tax ramifications, compliance preferences, and more. It is best to consult a professional to decide the best alternative for your specific situation.
Is MoA and AoA required for LLP?
No, unlike corporations, LLPs are not required to have a Memorandum of Association (MoA) and Articles of Association (AoA). Instead, the LLP agreement signed by the partners governs the rights, obligations, and other facets of the LLP’s operations.
