What Is Limited Liability Partnership (LLP) & It’s Benefits?
LimitedLiability Partnership (LLP) was presented in India by way of the Limited
Liability Partnership Act, 2008. The fundamental commence behind the
presentation of Limited Liability Partnership (LLP) is to give a type of
business element that is easy to keep up while providing limited liability to
the owners. Since its introduction, LLPs has been well received with more than
1 lakhs enrolments so far until September, 2014.
The
main advantage of a Limited Liability Partnership over a partnership firm is
that in a LLP, one accomplice isn't mindful or at risk for another accomplice's
unfortunate behavior or carelessness. A LLP additionally gives limited
liability protection to the proprietors from the obligations of the LLP. In
this way, all accomplices in a LLP appreciate a type of limited liability
protection for every individual's security inside the organization, like that
of the shareholders of a private limited company. In any case, unlike private
limited company shareholder, the accomplices of a LLP have the privilege to
deal with the business specifically.
Things
which are required to register LLP,
1) DPIN
for 2 Partners.
2) Digital
Signature for 2 Partners.
3) Name
search & approval.
4) LLP
Agreement.
5) ROC
Fees & Pan Card.
6) Accounting
software & GST filing.
LLP
is one of the most easiest for of business to join and oversee in India. With a
simple incorporation process and simple compliance formalities, LLP is favored
by Professionals, Micro and Small organizations that are family possessed or
firmly held. Since, LLPs are not fit for issuing value shares, LLP ought to be
utilized for any business that has plans for raising equity funds during its
lifecycle.
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