Limited Liability Partnerships (LLPs) are becoming increasingly popular among entrepreneurs given their ability to combine both partnership and company advantages into one type of organization.
The idea behind LLP is to provide a form of business that is easy to maintain and to help owners by providing them with limited liability.
A limited liability partnership's members are only liable for a relatively small amount of debt incurred by the partnership.
LLP has a separate entity just like other companies. The LLP is distinct from its partners. An LLP can sue and be sued in its own name.
LLP due to its nature provides a lot of flexibility in running the business. LLPs are generally formed by small businesses.
Forming an LLP is cheaper than incorporating a public or private limited company. Compliance requirements also tend to be lower for an LLP.
An LLP with a capital amount under Rs. 25 lakhs and a turnover under Rs. 40 lakhs does not require a formal audit.
Transferring the ownership of an LLP is simple. As soon as someone becomes a designated partner, ownership of the business shifts to them.
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We encourage you to come up with any sort of questions related to legal documentation or any of our service, methodology implemented, quality assurance etc.
We give our best in providing consultation and give a quality output. Here are set of few questions which our beloved clients ask frequently, have a look at them.
1. PAN or Passport of Partners.
2. Any Identity proof
3. Bank statements Registered office proof
4. NOC from the landlord to use the premises of the registered office
5. Any utility bills of the premises which are not less than two months.