Limited Liability Partnership - LLP



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Limited Liability Partnership - LLP

Concept of Limited Liability Partnership (LLP) was introduced in India by Limited Liability Act, 2008. The basic objective behind introducing concept of LLP was to provide Limited Liability to its members and at the same time it is easy to maintain. The unique feature of LLP is that one partner is not liable for the negligence or misconduct of another partner and it has combination of advantages of a Private Limited Company and Partnership Firm. Limited Liability Partnership is considered as separate legal entity and partners are liable only to the extent of their capital contribution. 

Limited Liability Partnership - LLP

Separate Legal Entity : LLP is considered a separate legal entity and artificial judicial person as per the Act. Being an artificial judicial person, LLP can buy its own property and incur its own debts. Partners of the LLP has liability limited to their capital for debts of the LLP.

Perpetual succession : Since LLP is considered as artificial judicial person, its existence is not affected by death, retirement or any other kind of departure of its partners. LLP continues its existence unless it is legally dissolved as per the provisions of Law.

Lesser Compliances : Auditing of books of accounts is not required if LLP has turnover of less than Rs. 40 lakhs or capital contribution of less than Rs. 25 lakhs. This saves cost and efforts of LLPs and its ideal for small businesses or new startups.

Transferability : Interest in LLP can be easily transferred by introducing new Designated Partner in LLP. LLP is a separate legal entity and changing a Designated Partner does not affect its existence.

Ownership of Property : Being an artificial judicial person LLP can buy property in its own name. The llp is the owner of the property and partner cannot claim this property.

Limited Liability : Limited Liability of its Partners is one of the most important advantages of LLP. Unlike Partnership Firm or Proprietorship, liability of partner in respect of LLP’s debts is limited.

Capacity to sue and be sued : LLP is an artificial judicial person. Just like a person initiates legal proceedings against another person, LLP can also initiate legal proceedings against another person, Company or LLP.

Multiple Relationships : A person can be a partner, employee or creditor of a LLP. There are different contracts with the same person in different capacities.

Limited Liability Partnership - LLP

Basic
6999
  • 2 DSC

  • 2 DIN

  • LLP Name

  • Incorporation Fees

  • Stamp Paper

  • Initial Contribution

  • Rs. 50 thousand

  • LLP Agreement

  • LLP PAN

  • All Inclusive

  • --

Standard
8999
  • 2 DSC 2 DIN

  • LLP Name

  • Incorporation Fees

  • Stamp Paper

  • Initial Contribution

  • Rs. 50 thousand

  • LLP Agreement

  • LLP PAN

  • GST Registration

  • Free MSME Registration

  • All Inclusive

Premium
12999
  • 2 DSC 2 DIN

  • LLP Name Incorporation Fees

  • Stamp Paper

  • Initial Contribution Rs.50 thousand

  • LLP Agreement

  • LLP PAN

  • GST Registration

  • First 3 Months

  • GST compliance

  • Free MSME Registration

  • All Inclusive

Process

01

Obtain DSC

Obtaining Digital Signature Certificate (DSC) is the first step towards Company Registration. It take 2 days to obtain DSC

02

Apply for DIN

Directors Identification Number(DIN) is to be applied for all the proposed Directors of the Company. It takes 1 day to get DIN Approval

03

Name Approval

Maximum six names can be applied in order of preference. It takes 5-7 days for Name Approval subject to availability of name.

04

LLP Registration

LLP Registration documents are submitted to the MCA for approval. After receiving Certificate of Incorporation, LLP Agreement is filed.




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