Limited Liability Partnership
Limited Liability Partnership (LLP) is a new form of corporate structure that combines the flexibility of a partnership and the advantages of limited liability of a company at a low compliance cost. The LLP is a body corporate and a legal entity separate from its partners.
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LLP agreement is the primary document that rules the LLP. The way an LLP works is dependent on the LLP agreement. The partners have to follow all the rules and regulations mentioned in the contract. After incorporation, the partners can change the agreement at any time by mutual understanding.
Our experts shall help you with compliance procedures to be followed for adding a new designated partner to your LLP
An LLP winding up can be started by choice or by a Board. If a LLP is to initiate winding up by choice, then the LLP must pass a resolution with approval of at least 3/4th of the total number of partners.
FAQs
» Access to 1.3 billion potential customers.
» Availability of cheap and skilled labour.
»Low paid-up capital requirements.
» Attractive tax incentives.
» Low operational costs.
» Business-friendly government’s initiatives.
Yes but subject to conditions specified under different forms of business structure
Yes, business registration is compulsory for all types of business entities except sole proprietorship and partnership firm for whom registration is not mandatory. However, it is advisable to register to avail legal advantage in the eyes of law in case of disputes.
The process to set up a business entity in India is generally the same, regardless of the specific entity structure you select. This process typically involves:
» Selecting a unique trading name for the company.
» Selecting an appropriate business structure.
» Obtaining a Director Identification Number and Digital Signature Certificate.
» Preparing registration documents.
» Registering with the Registrar of Companies/Firms/Local bodies.
» Registering for social security of employees and other business registrations like GST and Income Tax.
» Opening a Bank A/c.
Only the stated entities qualify as a “Startup” for the purpose of Government schemes:-
» Private Limited Company
» Registered Partnership Firm
» Limited Liability Partnership
Further conditions are:
1. Not more than 5 years have passed from the date of its incorporation/ registration.
2. Turnover for any of the financial years has not exceeded ₹ 25 crore.
3. It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.
A Sole proprietorship can be converted into:-
» Partnership firm
» One Person Company
» LLP
»Private Limited company (By acquiring the Sole proprietorship firm)
A Partnership Firm can be converted into:-
» LLP
» Private Limited Company
One Person Company can be converted into:-
» Private Limited Company
» LLP
A Private Limited Company can be converted into:-
- One Person Company
- LLP
- Public Limited Company
In case you are looking to raise equity capital or offer ESOP to your employees in the future, Private Limited Company will be the best suited entity for you. However, if you do not wish to raise equity capital or offer ESOP to the employees, you can opt for a Limited Liability Partnership or a simple Partnership depending on the financial liability or the nature of the business.
Speak to our experts who shall solve all your doubts.
Call us at +91 7738 066 334 or Mail us at info@indiacompanyincorporation.com
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