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What is
an LLP (Limited Liability Partnership)?
A Limited Liability Partnership (LLP) is a hybrid
business structure that blends the benefits of a partnership with the
advantages of a private limited company. It provides the flexibility of a
partnership, where partners share responsibilities and profits, while offering
the critical benefit of limited liability to its partners, similar to a
private limited company. This means that partners are not personally liable for
the business's debts or liabilities beyond their capital contribution.
LLPs are perfect for small businesses, startups, and professional services seeking a cost-effective, legally secure, and flexible business structure. With LLP registration, you can operate your business with ease, knowing your personal assets are protected, while enjoying the freedom of a partnership.
Why
Choose LLP Registration?
·       Â
Cost-Effective Setup: Ideal for startups and small businesses with limited investment.
·       Â
Modern Business Structure: Combines the flexibility of a partnership with the benefits
of limited liability.
·       Â
Quick and Simple Registration: Streamlined process with minimal requirements.
·       Â
Ideal for Professionals: Perfect for service providers, consultants, and small firms
looking for legal security.
Register Your LLP (Limited Liability Partnership) with LegalBoss
LegalBoss simplifies the entire process of
registering your Limited LiabilityÂ
Partnership. From documentation to compliance, our team ensures a
hassle-free experience, so you can focus on building your business.
A LLP is a legal entity and a juristic person established under the Act. LLP has a Separate PAN, Other registration in its own name and its legally recognized as a separate entity. LLP can own property its own name
A LLP does not require audit if it has less than Rs. 40 lakhs of turnover and less than Rs.25 lakhs of capital contribution. Therefore, LLPs best suitable for startups and small businesses that minimal regulatory compliance related formalities.
Limited Liability Partnership (LLP) is a popular and well known business structure in the world. Corporate Customers, Vendors and Govt. Agencies prefer to deal with LLP instead of proprietorship or normal partnerships.
LLP is a separate legal entity separate from its Partners, The ownership of a LLP can be easily transferred to another person by inducting them as a Partner of the LLP.
LLPs operate with minimal restrictions, offering partners the freedom to manage and organize the LLP operations according to mutual agreements.
Partners are not liable for the individual act of other partners.
A LLP being an artificial judicial person, can acquire, own, enjoy and sell, property in its name. No Partner can make any claim upon the property of the LLP - so long as the LLP is a going concern.
A LLP has 'perpetual succession', that is continued or uninterrupted existence until it is legally dissolved. A LLP being a separate legal person, is unaffected by the death or other departure of any Partner. Hence, a LLP continues to be in existence irrespective of the changes in ownership.