A limited liability partnership (LLP) is a partnership in which partners have limited liabilities registered under Registrar of Companies.Minimum 2 partners and maximum no limit can form this entity.
|1 Legal Status, low cost of formation andeasy to form.||1 Cannot raise money from the public and raise IPO.|
|2 Risk, Losses, Debts are limited to the company assets.||2 Penalties are higher for non-compliance than Private Limited Company.|
|3 Lesser Restrictions and Compliance than a private company||3 Higher incorporation cost as compare to unregistered partnership firm.|
|4 No requirement of minimum capital contribution and no limit on the maximum numbers of partners.||4 Audit after Rs.40Lacs turnover and contributin capital of Rs.25Lacs.|
The LLP formation is popular when a ‘professional partnership’ would like the benefit of limited liability. This is particularly suited to accountants, solicitors, architects, consultants, surveyors and other fields of expertise where a partnership is preferred to a limited company. For additional opinion please contact our advisor at zero fee.
|1 Copy of PAN Card of all Partners||2 Copy of Aadhar / Voter ID / Passport / Driving License/ etc. of all Partners|
|3 One passport size photo of all Partners||4 Copy of Electricity Bill for registered address of Business.|
|5 Additional Details – Suggested LLPName's, Nature of Business, Shares Ration, etc.|
Generally it takes 10-15 Days for registration. Name will be granted in 2-5 Days and rest for registration of LLP.