Limited-Liability-Partnership


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Limited Liability Partnership

OVERVIEW

Incorporating a Limited Liability Partnership (LLP) in India is a flexible and straightforward process. LLPs are a hybrid of a company and a partnership firm. They offer the benefits of a company, like limited liability, while also allowing the flexibility of a partnership. To have business partners means to share the risk, leverage individual talents and knowledge and build an employee division.

DEFINITION

LLP stands for Limited Liability Partnership. It is a business structure that combines elements of a partnership and a corporation, offering limited liability to its partners while allowing them to actively manage the business.

FEATURES OF LLPS

SEPARATE LEGAL ENTITY: LLPs have a separate legal entity from their partners.
LIMITED LIABILITY: Partners are only liable for their own contributions to the LLP.
PERPETUAL SUCCESSION: LLPs can continue to exist even if partners change.
FLEXIBLE INTERNAL STRUCTURE: LLPs can organize their internal structure like a partnership.
LOWER COMPLIANCE: LLPs have fewer regulations and lower compliance than companies.

LLP FORMATION

A minimum of two partners are required to form an LLP.
There is no upper limit on the number of partners.
At least two designated partners must be natural persons, and at least one must be an Indian resident.
The partners must enter into an LLP agreement to define their rights and duties.

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