Limited Liability Partnership Registration
A Limited Liability Partnership (LLP) is a hybrid of Company and Partnership form of business. It combines the advantages of both the Company and Partnership into a single form of organization. It enjoys the benefits of having a separate legal entity, perpetual succession and a limited liability.
To incorporate a Limited Liability Partnership, a minimum of two people are required. A Limited Liability Partnership must have a minimum of two Partners and can have a maximum of any number of Partners.
Requirements to be a partner in a LLP:
The Designated Partners needs to be over 18 years of age and must be a natural person. There are no limitations in terms of citizenship or residency. Therefore, the LLP Act 2008 allows Foreign Nationals including Foreign Companies & LLPs to incorporate a LLP in India provided at least one designated partner is resident of India.
Capital required to register a LLP
One can start a Limited Liability Partnership with any amount of capital. There is no requirement to show proof of capital invested during the incorporation process.Partner’s contribution may consist of both tangible and/or intangible property and any other benefit to the LLP.
Annual compliance requirement for LLP
Difference between LLP and a Partnership Firm?
- An LLP is governed by the provisions of the LLP Act, 2008 whereas a Partnership is governed by the Partnership Act, 1932.
- Registration of an LLP is compulsory but the registration of a partnership firm is optional.
- A partnership firm does not have a perpetual succession.
- A LLP can purchase immovable property in its own name, unlike a partnership firm,which cannot purchase property in its own name.
Also read :- Advantages of forming a LLP.
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