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Llp Company Registration

Limited Liability Partnership (LLP) registration in India offers the benefits of a corporate business form with limited liability and flexibility for partners. LLPs are separate legal entities with perpetual succession and limited liability for partners. This presentation outlines key features and advantages of LLP registration.

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Llp Company Registration

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  1. Llp Company Registration ABOUT Limited Liability Partnership(LLP) is defined as partnership and registered under Limited Liability Partnership(llp) Act in the office of Registrar of Companies (ROC), India. LLP Registrationis an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partners. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. The LLP Firmis a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.

  2. KeyfeaturesofLLP Registration in India • LLP Firm shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession; like a corporation. • There shall not be any upper limit on number of partners in an LLP Firm unlike an ordinary partnership firm where the maximum number of partners can not exceed 20 (10 in case of banking) • While the LLP will be a separate legal entity, liable to the full extent of its assets, the liability of the partners would be limited to their agreed contribution to the LLP. Further, no partner would be liable on account of independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partners wrongful business decisions or misconduct. • The framework of LLP is not restricted to professional services alone. Several business activities can be undertaken using the LLP structure.

  3. ADVANTAGE • Easy to Form: It is very easy to form LLP, as the process is very simple as compared to Companies and does not involves much formalities. • Liability: A LLP exists as a separate legal entity from its partners. Both LLP and its partners are separate entities and both functions separately. Liability for repayment of debts and lawsuits incurred by the LLP lies on it and not on the partner. Any business with potential for lawsuits should consider incorporation, it will offer an added layer of protection. • Perpetual Succession: An incorporated LLP has perpetual succession. Notwithstanding any changes in the partners of the LLP, the LLP will be a same entity with the same privileges, immunities, estates and possessions. The LLP shall continue to exist till its wound up in accordance with the provisions of the relevant law. • Flexible to Manage: LLP Act 2008 gives LLP the atmost freedom to manage its own affairs. Partner can decide the way they want to run and manage and put the same in form of terms and conditions in the LLP Agreement . The LLP Act also in most cases provides that the said provision will applicable, only in case nothing is provided in the LLP Agreement.

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