Limited Liability Partnership (LLP) came into force in 2009 and it is regulated by The Limited Liability Partnership Act, 2008.
A Limited Liability Partnership is the hybrid form of business which carries the advantages of both the Partnership and Company into one single form of organization. In LLP, the liability of the Partners is limited to the extent of their capital contribution. The best advantage of creating LLP is one partner is not responsible or liable for misconduct or negligence of other partners.
In LLP, partners can do their business with the limited liability feature of Private Limited Company but unlike private limited company Shareholders, the LLP Partners have their right to manage their business directly.
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No Objection Certificate (NOC) from the owner
Pan Card of Partners
Address proof of Partners
Photographs of Partners
The most important benefit of the doing business through Limited Liability Partnership is the limited liability of the partners.
Under Proprietorship or Partnership firm, in case the business fails of becomes insolvent, the personal assets of the proprietor or partnership are at risk. However, in case of LLP, if the business fails or becomes insolvent, the liabilities of the LLP is paid through the assets of the LLP only.
No Audit Requirements
Audit is not required unless capital exceeding Rs. 25 lakh or turnover exceeding Rs. 60 lakh.
LLP is a separate legal entity separate from its partners