Limited Liability Partnership, (LLP)

Limited Liability Partnership is a new business form to provide an alternative to the traditional partnership firm which has unlimited liability on Partners, The LLP is a body corporate and a separate legal entity. LLP is a new corporate structure that combines the flexibility of a partnership and the advantages of limited liability of a company. An alternative corporate business that provides the benefits of of a company, band allows its members the flexibility of organizing their internal management on the basis of llp agreement, as is the case in a partnership firm.

Limited Liability Partnership Registration

Limited Liability Partnership Registration can be formed with two or more persons - one person should be resident in India, may form a Limited Liability Partnership, The LLP is a suitable for small enterprises. The basic idea behind the introduction of Limited Liability Partnership is to provide a form of business organization that is simple. A Limited Liability Partnership combines the advantages of both the Company and Partnership into a single form of organization and IN LLP partner is not responsible or liable for another partner's misconduct or negligence. Therefore, all partners have a form of limited liability for each individual's protection within the partnership, similar to that of the shareholders of a company.. An LLP also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP's employees or other agents. LLP is one of the easiest form of business to incorporate and manage.

Requirements for LLP Registration

Ø  Minimum two Designated Partners

Ø   Minimum Capital Requirement

Ø   At least one Indian Resident as Designated Partner

Ø   DPIN/DIN for all Partners

Advantages of LLP Minimum contribution not required: 

 A LLP can be formed with least possible capital. As like private & public limited company Minimum Capital requirements are not necessary for LLP.

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