Limited Liability Partnershiprship Firm Registration

Overview of LLP Firm Registration

• Limited Liability Partnership is a corporate structure that contains the features of both partnership firm and company.
• Limited Liability Partnership is a separate legal entity from its partners and liability of each partner is limited to their contribution.
• LLP can be formed by any two or more persons, associated for carrying on a lawful business.
• The rights and duties of partners shall be governed by an agreement between partners.
• LLP was comes under the Limited Liability Partnership Act (2008).
• A minimum of two partners will be required for formation of an LLP. There will be not any limit to the maximum number of partners.

Documents Needed

Benefits of LLP Firm registration

• LLP protects the member’s personal assets from the liabilities of the business.
• LLP has no requirement to get their accounts audited. This is perceived to be a significant compliance benefit. A Limited Liability Partnership is required to get the tax audit done only in the case that: – The contribution of the LLP exceeds Rs. 25 Lakhs or the annual turnover of the LLP exceeds Rs. 40 Lakhs.
• LLP have to face less compliance burden as they have to submit only two statements i.e. the Annual Return & Statement of Accounts and Solvency.
• LLP agreements are customized in according to meet the needs of partners concerned.
• The cost of registration of LLP is low as compared to any other company (Public or Private).

Different types of Company Business Structures

*Amount maybe increase or decrease depends upon number of partners, particular state stamp duty fees, govt fees, gst invoice bills and yearly transaction amount.