What is a Limited Liability Partnership?

LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.

In case the liability Partnership (LLP) desires to shut down its business or wherever it’s not carrying on any business operations for the amount of 1 year or additional, , it will build associate application to the Register of firms for declaring the corporate as defunct and removing the name of the LLP from its register of LLP’s.

As associate LLP could be a creation of law, it may be closed by procedures established by statute solely. the explanations for closure may well be several. However, the circumstances that during which within which associate LLP are being closed is what matters for the method which must be adopted.

When you attempt to formulate a business, the method doesn’t stop simply at conceptualizing the merchandise or service and the way you’re progressing to    promote it. you furthermore may have to be compelled to pay a while determining however  you would like to line up the business structure. A transparent plan of what business structure to adopt is very important so as to grasp your rights and liabilities as a business owner, and to grasp what you also as your shoppers, creditors, and investors will expect.A Limited Liability Partnership (LLP) is one amongst the quality choices obtainable to entrepreneurs to structure their business.

LLPs area unit a comparatively recent thought, having been formally recognized by Indian law with the passing of the indebtedness Partnership Act, 2008. Initial the primary LLP – RK Handoo and Associates – was incorporated within the first week of April, 2009. Associate in Nursing LLP will best be delineated as a “hybrid” business structure – one thing that comes with components of each partnerships and indebtedness corporations. the necessity for having LLPs in Republic of India was underscored by the actual fact that business homeowners required some kind of protection from unlimited liability that was acting as a barrier to growth, whereas at identical time not wanting a subjection to the rigorous and expensive compliance procedures that outlined the operation of firms.

  • It has a separate legal entity just like companies
  • The liability of each partner is limited to the contribution made by partner
  • The cost of forming an LLP is low
  • Less compliance and regulations
  • No requirement of minimum capital contribution

The minimum variety of partners to include associate LLP is two. There are no higher limit on the utmost variety of partners of LLP.

Among the partners, there ought to be minimum 2 selected partners WHO shall be people, and a minimum of one amongst them ought to be resident in Asian nation. The rights and duties of selected partners area unit ruled by the LLP agreement. They are directly answerable for the compliance of all the provisions of LLP Act 2008 and provisions per LLP agreement.If you would like to begin your business with indebtedness Partnership,then you want to cotton on registered below indebtedness Partnership Act, 2008.

Step wise Registration method for financial obligation Partnership (LLP)

Recently most entrepreneurs have started choosing financial obligation Partnership, considering it’s most positive options of Partnership and corporations. it’s hybrid kind  which contains advantages of each partnership and corporations.it subsequent features:

1. The liability of every partner is restricted to the contribution mention in agreement.
2.The cost of formation is restricted.
3.Less restriction and compliance.
4.Separate Legal Entity

Following is Step wise Registration method for incorporation of financial obligation Partnership (LLP)

Step 1: get selected number (DIN)
Step 2: Register Digital Signature of selected Partner
Step 3: Filing of kind one for Name handiness
Step 4: Filing of kind two for Incorporation and Subscription Document                                                                                   Step 5: Drafting of LLP Agreement

Venture Care can help you with the LLP Closure Services, Click here to know about  our LLP Closure Services in India.

If you have any query please comment in the comment box below or call us on 020 65363633

Strike off limited company
Article Name
Strike off limited company
Closing down a limited company in the easiest way. We can help for the strike off limited company easily. We also help setting up a llp quickly and easily.
Publisher Name
Venture care
Publisher Logo

Ask for FREE
Consultancy now.


Feedback & Support