Like a company, in an LLP all its partners enjoy limited liability, i.e., they are liable only up to their respective capital contributions. Their personal estates will also not be used for recovery of debts and losses beyond their respective liabilities.
LLP can continue to exist even after the retirement, insanity, insolvency or death of one or more partners. Further, it can enter into contracts and hold property in its name.
LLP is completely liable for its assets. Further, the liability of the partners is limited to their capital contributions. Hence, the creditors of the LLP are not the creditors of individual partners.
LLP has extremely flexible management roles for the partners. The roles are defined in the LLP agreement that is drafted after mutual agreement. Under the structure, each partner has the right to manage the LLP and have the right to choose how much management they want. Thus, they can have a very active role and even act as silent partner.
LLPs are not required to audit the accounts. Any other company is mandated to get its accounts audited. LLP is required to audit their accounts only when either the contributions of LLP exceed INR 25 lakhs or annual turnover of the LLP exceeds INR 40 lakhs
If the partners of LLP withdraw profits, an additional tax liability in the form of Dividend Distribution Tax (DDT) is not payable by partners. Hence, profits of LLP can be easily withdrawn by partners.
LLP is much easier and cheaper to run than a private limited company as the compliance requirements are much less that the private limited company.
The process to close an LLP takes much less time than that of a private limited company.
The cost of registration of LLP is low as compared to other form of businesses.
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After the LLP Name Approval Letter is issued to the proposed Partners signifying approval of name by the LLP, partners have 3 Months to file the incorporation documents and register the LLP.
Application for online registration of LLP is required to be made online using FiLLiP (Form for incorporation of Limited Liability Partnership).
LLP Agreement shows the mutual rights and duties among the partners and between LLP and its partners.
It has to be filed in Form 3 online within 30 days of incorporation. LLP Agreement has to be printed on Stamp Paper, value of which is separate for every state.
AThe last step is to apply for the PAN & TAN of LLP after which the bank account can be opened for LLP.
Any person who would like to avail the advantages of limited liability, fewer compliances, ease of operations, lower costs, no DDT may opt for this form of structure.
ID Card (PAN Card) of the Partners
Address Proof of the Partners
Photograph of Partners
Utility Bill of the proposed Registered Office of the LLP
No-Objection Certificate from the Landlord
Copy of Rent Agreement between the LLP and Landlord
Passport (in case of foreign nationals)
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