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A Limited Liabilty Partnership firm (LLP) is a structure between a partnership firm & a private limited company where the business is carried out in a corporate framework, guided by terms of the mutually adopted partnership deed. Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. LLP is one of the easiest form of business to incorporate. Limited Liabilty Partnership firm is a easy incorporation process and simple compliance formalities, LLP is preferred by Professionals, Micro and Small businesses that are family owned or closely-held.
Reduction in multiplicity of taxes
Mitigation of cascading/ double taxation
More efficient neutralization of taxes especially for exports
Development of common national market
Simpler tax regime
- Fewer rates and exemptions
-Distinction between Goods & Services no longer required
Simpler Tax system
Reduction in prices of goods & services due to elimination of cascading
Uniform prices throughout the country
Transparency in taxation system
Increase in employment opportunities
At least two partners are required for LLP registration. The maximum partners can be 200.
You can register your LLP at your residential address.
No, you can’t convert your LLP into a Private Limited Company. if you want to expand your business you can register a new Private Limited Company with the same name as that of the LLP. The LLP company just needs to issue a no objection certificate.
Any group of persons who have or want to invest money in a business can start an LLP. A person or an investor becomes a partner, according to the LLP agreement, as provided in the Act of 2008.
There is no minimum capital contribution requirement. It can be registered even with Rs. 100 as total capital contribution.
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