Information

Limited Liability Partnership was introduced in India under the Limited Liability Partnership Act, in 2008. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. In an LLP one partner is not responsible or liable for another partner's misconduct or negligence. The partners have the right to manage the business directly.

Limited Liability Partnership is managed as per the LLP Agreement, however in the absence of such agreement the LLP would be governed by the framework provided in Schedule 1 of Limited Liability Partnership Act, 2008; it describes the matter relating to mutual rights and duties of partners of the LLP and of the limited liability partnership and its partners.

Features of Private Limited Company :-

  • Easy to establish
  • Easy to manage & run
  • No minimum capital contribution
  • No restrictions on maximum number of partners
  • Less Compliance level
  • No exposure to personal assets of the partners
  • Less Government Intervention
  • Easy to dissolve or wind-up
  • Audit requirement only in case of contributions exceeding Rs. 25 lakh or turnover exceeding Rs. 40 lakh

Documents / Information :-

Name reservation ( RUN LLP )

  • Form under MCA 21
  • Proposed name
  • Object in brief
  • FORM FiLLiP for incorporation of LLP
  • DIN / DPIN
  • Pan Card / Aadhar card
  • 1 passport size photo
  • LLP agreement
  • Other information like Name and Address of the firm as well as all the partners
    • * Nature of business to be carried on
    • * Date of Commencement of business
    • * Duration of Partnership ( whether for a fixed period / project )
    • * Capital contribution by each partner
    • * Profit sharing ratio among the partners or any other clauses if required additional to be mentioned
Information

Limited Liability Partnership was introduced in India under the Limited Liability Partnership Act, in 2008. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. In an LLP one partner is not responsible or liable for another partner's misconduct or negligence. The partners have the right to manage the business directly.

Limited Liability Partnership is managed as per the LLP Agreement, however in the absence of such agreement the LLP would be governed by the framework provided in Schedule 1 of Limited Liability Partnership Act, 2008; it describes the matter relating to mutual rights and duties of partners of the LLP and of the limited liability partnership and its partners.

  • Easy to establish
  • Easy to manage & run
  • No minimum capital contribution
  • No restrictions on maximum number of partners
  • Less Compliance level
  • No exposure to personal assets of the partners
  • Less Government Intervention
  • Easy to dissolve or wind-up
  • Audit requirement only in case of contributions exceeding Rs. 25 lakh or turnover exceeding Rs. 40 lakh

Name reservation ( RUN LLP )

  • Form under MCA 21
  • Proposed name
  • Object in brief
  • FORM FiLLiP for incorporation of LLP
  • DIN / DPIN
  • Pan Card / Aadhar card
  • 1 passport size photo
  • LLP agreement
  • Other information like Name and Address of the firm as well as all the partners
    • * Nature of business to be carried on
    • * Date of Commencement of business
    • * Duration of Partnership ( whether for a fixed period / project )
    • * Capital contribution by each partner
    • * Profit sharing ratio among the partners or any other clauses if required additional to be mentioned