LIMITED LIABILITY PARTNERSHIP LLP REGISTRATION

LIMITED LIABILITY PARTNERSHIP REGISTRATION

A Limited Liability Partnership is a business that is owned, managed and controlled by two person. It is one of the most common forms of business in India, used by small businesses operating in the organized sectors. A Limited Liability Partnership are very easy to start and have very minimal regulatory compliance requirement for getting started. However, after the startup phase, A Limited Liability Partnership offer the promoter a host of other benefits such as limited liability, separate legal entity, independent existence, transfer-ability, etc., which are desirable features for any business. Therefore, A Limited Liability Partnership are suited for organized, small businesses that will have a limited existence.

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Requirements for LIMITED LIABILITY PARTNERSHIP REGISTRATION

Members

A LIMITED LIABILITY PARTNERSHIP REGISTRATION required at least two members in order to register, both the members can be a Designated Partners cum Shareholder of the company. A LIMITED LIABILITY PARTNERSHIP REGISTRATION can have upto 200 person as members as per the LLP Act, 2008. It Can Be Converted into Private Limited Company in future.

Designated Partners

In a LIMITED LIABILITY PARTNERSHIP REGISTRATION there should be minimum two(2) Partners required. To become a Partner , DPIN (Designated Partner Identification Number) has to be obtained. Any Both of the Directors must be a Resident of India, who has stayed at least 182 days in the previous calendar year.

Registered Office Proof

When registering a company, should have a valid address to proof. If you are in Bangalore and you have proper address proof in Pune, then you can register your company in Pune and start your Business operations from Bangalore. This Private Limited Company registration is valid all over India and also valid for your lifetime. No need of renewal of registration is required.

Name of your Company

Naming your company is the crucial part, a company name has two parts Prefix and a Suffix. Prefix must be unique and different, while Suffix should reflect the business nature of your company. To find your name availability, kindly check with Ministry of Corporate Affairs

SALIENT FEATURES:-

  • Limited Liability Partnership have limited liability for partners.
  • Limited Liability Partnership can sue or be sued in its own name.
  • Limited Liability Partnership Firm works on the basis of an agreement.
  • In the Limited Liability Partnership Firm, if the partner is personally liable for debts and losses then its result of its own wrongful actions.
  • In the Limited Liability Partnership, the losses and debt obtain by a partner is not personally liable for other partners of that LLP.
  • Every Limited Liability Partnership should have minimum two partners and two individuals as the Designated Partners in which at least one should be Indian Resident.

Designated Partners

In a LIMITED LIABILITY PARTNERSHIP REGISTRATION there should be minimum two(2) Partners required. To become a Partner , DPIN (Designated Partner Identification Number) has to be obtained. Any Both of the Directors must be a Resident of India, who has stayed at least 182 days in the previous calendar year.

Registered Office Proof

When registering a company, should have a valid address to proof. If you are in Bangalore and you have proper address proof in Pune, then you can register your company in Pune and start your Business operations from Bangalore. This Private Limited Company registration is valid all over India and also valid for your lifetime. No need of renewal of registration is required.

PROS :-

  • In LLP there is less compliance burden.
  • Registration cost of Limited Liability Partnership is low.
  • As compared to Private Limited, Limited Liability Partnership is more hassle free and flexible.
  • Limited Liability Partnership have separate legal entity.
  • LLP have perpetual succession.

CONS:-

  • For two foreign partners, its mandatory to have one Indian Resident Partner to form an LLP in india.
  • The duration required for the formation of Limited Liability Partnership is more when compared to Partnership Firm.
  • A Limited Liability Firm cannot raise money from the public.