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LLP Registration
LLP Formation
Combines the benefits of a partnership and a limited company with less compliance overhead.
Key Benefits
Lower Compliance Costs
No Minimum Capital
Flexible Agreement
Limited Liability
What is LLP Formation?
Limited Liability Partnership (LLP) is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. It is a separate legal entity, where the partnership is liable to the full extent of its assets but the liability of the partners is limited.
Characteristics
- Minimum 2 partners; no maximum limit.
- Minimum 2 'Designated Partners' (one must be a resident of India).
- Rights and duties of partners are governed by an LLP Agreement.
- Body corporate and a separate legal entity.
Regulations & Rules
- Limited Liability Partnership Act, 2008
- LLP Rules, 2009
Advantages
- Limited Liability: Partners are not personally liable for the firm's debts or other partners' misconduct.
- Low Compliance: Simple to maintain compared to a Private Limited Company.
- No Audit Requirement: Audit is mandatory only if turnover exceeds Rs. 40 Lakhs or contribution exceeds Rs. 25 Lakhs.
- Tax Planning: Profits are taxed only in the hands of the LLP, not the partners again.
Our Role
At Sunil K Sharma & Associates, we provide specialized LLP Formation services tailored to the unique needs of your business. Our expertise ensures that you navigate the complex regulatory environment with ease and confidence. We handle everything from documentation to final approval, allowing you to focus on your core business.