- Separate Legal Entity
- Easily Transferability
- Uninterrupted Existence
- Not Required Audit
- Property Owning
- Start without any contribution
- Not limit of business owner
- Low cost registration
Limited Liability Partnership
What is Limited Liability PartnershipLLP introduce in India Under Limited Liability Partnership Act, 2008 It is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence. In which each partner has joint and several liability. In an LLP, some or all partners have a form of limited liability similar to that of the shareholders of a corporation. Unlike corporate shareholders, the partners have the right to manage the business directly In contrast, corporate shareholders must elect a board of directors under the laws of various state charters. The board organizes itself (also under the laws of the various state charters) and hires corporate officers who then have as "corporate" individuals the legal responsibility to manage the corporation in the corporation's best interest. A LLP also contains a different level of tax liability from that of a corporation.
Type of Private Limited Company1. Company Limited by Shares – A company having to the liability of members limited by memorandum to the amount, if any unpaid on the shares respectively held by them. 2. Company Limited by Guarantee – A company having to the liability of members limited by memorandum to such as amount the members may respectively undertake to the contribute to assets company in the event of being wound up. 3. Unlimited Company – A company not having the any limit on the liability of members.
Document and Details Requirement
- KYC (Identity and Address proof) of all Partner
- Email id and Contact details
- Business Address Proof (Electric Bill, Telephone Bill, Water bill) [If premises on rented then need rent agreement also]
- Nature of Business.
- Name approval (first two changes FOC and after that 1000 per next chance and in one chance you can give two name only)
- After the successfully name approval your process has been start and it take 7- 10 working days for your process
- After that you received LLP Agreement from Tax Hint India and you just notarized on same document and revert us
- After that wait 5-6 working days. And You LLP registered under MCA..