What is LLP

Limited Liability Partnership (LLP) is an incorporated business organization. It is a Body Corporate having the features of a Partnership Firm & a Limited Company. The management of LLP is defined by LLP agreement & partners have the freedom to regulate affairs of the LLP. Minimum two persons are mandatory to register a LLP and there is no restriction regarding maximum number of members.

Benefits of LLP

  • Legal entity separation.
  • Limited Liability to the partners
  • Simple process of the registration
  • Perpetual existence irrespective of changes in partners
  • No requirement of audit of accounts until turnover reaches Rs.40 lakhs or contribution Rs.25 lakhs
  • Less tax as compared to the company
  • No necessity of minimum capital contribution
  • No restrictions as to maximum number of the partners

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