Limited Liability Partnership (LLP) is an alternative corporate business which combine features of partnership and company form of business. Below are the noted advantages of LLP:
1. Low cost in the formation of LLP.
2. Easy to establish, manage and run.
3. No restrictions on the maximum number of partners.
4. Partners are not liable for the Indian Partnership Act, 1932.
5. No exposure to personal assets of the partners except in case of fraud.
6. Easy to dissolve or wind-up.
7. Separate legal entity.
8. Less requirement in regards to maintaining of statutory records.
The procedure of LLP registration includes:
1. Obtain Designated Partners Identification Number (DPIN)
All designated partners of the proposed LLP shall obtain DPIN / DIN (Director Identification
Number)
2. Digital Signature Certificate (DSC)
Partner/Designated partner of LLP has to obtain Digital Signature Certificate.
3. Reservation of Name
1. Low cost in the formation of LLP.
2. Easy to establish, manage and run.
3. No restrictions on the maximum number of partners.
4. Partners are not liable for the Indian Partnership Act, 1932.
5. No exposure to personal assets of the partners except in case of fraud.
6. Easy to dissolve or wind-up.
7. Separate legal entity.
8. Less requirement in regards to maintaining of statutory records.
The procedure of LLP registration includes:
1. Obtain Designated Partners Identification Number (DPIN)
All designated partners of the proposed LLP shall obtain DPIN / DIN (Director Identification
Number)
2. Digital Signature Certificate (DSC)
Partner/Designated partner of LLP has to obtain Digital Signature Certificate.
3. Reservation of Name
Apply name for the proposed LLP
4. Filling of registration documents online
Filling up of Incorporation documents and statements.
5. Filing of LLP Agreement.
Lastly applying for LLP.
Read Frequently Asked Questions about LLP.