A Limited Liability Partnership (LLP) is a business structure that combines the benefits of a partnership with limited liability protection for its partners.
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LLP registration refers to the legal process of forming a Limited Liability Partnership (LLP), a business structure that combines the operational flexibility of a partnership with the limited liability protection typically associated with corporations. During LLP registration, partners obtain unique identification numbers, secure digital signatures, reserve a business name, and file necessary documents with the regulatory authorities, ultimately receiving the Certificate of Incorporation. This formalizes the LLP as a separate legal entity, distinct from its partners, and enables it to conduct business with limited liability for its members
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A Limited Liability Partnership (LLP) is a business structure that combines the benefits of a partnership with limited liability protection for its partners.
LLP offers limited liability, operational flexibility, and simplified compliance compared to traditional corporations.
Individuals or corporate entities can be partners in an LLP, and there is no limit on the maximum number of partners.
There is no mandatory minimum capital requirement for LLPs.
The LLP Agreement outlines partner roles, responsibilities, profit-sharing, and other operational details.
Choose a unique name and file Form-1 with the Registrar of Companies for name reservation.
The duration varies, but typically, LLP registration can be completed in a few weeks, subject to document submission and approval.
At least one designated partner must have a DSC for digitally signing documents during the registration process.
LLPs have simplified compliance requirements, including annual filings and statutory audits.
Yes, an LLP can be converted into a private limited company or vice versa, subject to regulatory approvals.