Limited Liability Partnerships (LLPs) are commercial vehicles which combine the features of partnership and company form of business. LLP is a separate legal entity, liable to the full extent of its assets; the liability of the partners would be limited to their agreed contribution in the LLP. Further, no partner would be liable on account of the independent or un-authorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner’s wrongful business decisions or misconduct.
Flexibility without imposing detailed legal and procedural requirements
Perpetual existence irrespective of changes in partners
Personal assets of the partners are not exposed except in case of fraud.
A limited liability partnership is a body corporate formed and incorporated under Limited Liability Partnership Act, 2008 and is a legal entity separate from that of its partners.
There is no statutory requirement of Capital to start a Limited Liability Partnership.
A LLP cannot be incorporated for undertaking "Not-For-Profit" activities as mandatory requirement for LLP is to carry on a lawful business with a view to earn profit.
No, once you submit us the requisite documentation, on your behalf, all the documents will be electronically uploaded on Ministry of Corporate Affairs (MCA) website.
Every LLP shall have either the words “Limited Liability Partnership” or the acronym “LLP” as the last words of its name.
Every LLP shall have a registered office to which all communications and notices shall be addressed and where they shall be received
It has been provided in the Act that a document may be served on a LLP or a partner or designated partner by sending it by post or by any other mode (to be prescribed under Rules) at the registered office and any other address specifically declared by the LLP for the purpose in such form and manner as may be prescribed (in the rules). Thus, an LLP shall have option to declare one more address within the jurisdiction of same ROC (other than the registered office) for getting statutory notices/letters etc. from Registrar.
A minimum of two designated partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners.
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