LLP Registration in India has become an alternative form of business that provides the advantages of a Company and the flexibility of a Partnership firm into a single organization. The Concept of LLP in India was introduced back in 2008 by the Limited Liability Partnership Act of 2008. This unique hybrid is suitable for setting small, medium-sized businesses.
It is very easy to manage and incorporate a Limited Liability Partnership in India. To register an LLP minimum of two partners are required, there is no upper limit as such. The LLP agreement states the rights and the duties of the Partners. In an LLP one partner is not responsible for the misconduct and negligence of the other partner.
Types of LLP Registrations
Requirement to start LLP
Benefits of the LLP
The partners of the LLP have limited liability which means partners are not liable to pay the debts of the LLP from their assets. No partner is responsible for any other partner’s misconduct.
The LLP Being a separate legal person, its life or existance is independent of the partner’s death, retirement, etc. The LLP will get wind up according to the LLP Act.
The relationship between the partners is governed by an LLP Agreement, which can be easily amended to introduce or retire a partner. The process is easy and straight forward.