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Limited Liability Partnership Company is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities.The Legislature has enacted LLP Act 2008.on 9 January 2009 and has been notified with effect from 31 March 2009. LLP Registration offers more enhanced features as compared to tradition partnership. It can be registered with minimum two Partners. Limited Liability Partnership (LLP) Company provided the benefits of both private limited and general partnership into a single form of the LLP. Every partner is not responsible for another partner’s misconduct. Each partner has its own liability towards the business. LLP is most preferred by small business owners and for them who are not willing for huge funding in business. The LLP Company registration has more trustable than a General Partnership. The Annual maintenance of LLP firm is much cheaper as compare Private limited or others.
LLP Company also has a separate legal entity. So the partners and the Limited Liability Partnership firm are distinct from each other. LLP is a jurisdiction person who is created by law. This is like a company where partners are different from the company.
Low capital required in LLP registration in India as compare to companies there should be a minimum amount of capital that should be brought by the members or owners who want to form it. But to start an Limited liability partnership (LLP) firm; there is no requirement of minimum capital.
All the companies, whether private or public, irrespective of their share capital, are required to get their accounts audited. But in LLP, there is no mandatory company audit. A limited liability partnership is required to get the audited done only if:a. If the contributions of the LLP Company exceeds ₹ 25 lakhs.b. If the annual turnover of the LLP Company exceeds ₹ 40 lakhs.
Obtain digital signature for the partners. Apply for the DPIN (Designated Partner Identification Number) Designated Partner Identification Number (DPIN) is obtained for the proposed Partners of the LLP. DPIN and DSC can be obtained for the proposed Partners within 1 to 3 days.
A minimum of one and a maximum of six names choices must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, name approval can be obtained in 5 to 7 working days.
Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation of LLP in 10 to 12 days, subject to their processing time.