Limited Liability Partnership or LLP as it is popularly known is the worldwide recognized form of business organization. It has now been introduced in India by way of Limited Liability Partnership Act, 2009. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. .

LLPs also have many advantages over Proprietorships, Partnerships and Limited Companies, as elaborated below.

1. The cost of registering LLP is low as compared to cost of incorporating a private limited or a public limited company. Also the compliances are lesser as compared to Company form of organisation

2. No requirement of minimum capital contribution, hence the structure can be incorporated even with nominal amount of capital

3. An LLP requires a minimum 2 partners while there is no limit on the maximum number of partners. However at least 1 Designated Partner should be Indian resident.

4. All limited companies, whether private or public, irrespective of their share capital, are required to get their accounts audited. Whereas in case of LLP, financial audit is mandatory only in following circumstances :

                 a. The contributions of the LLP exceeds Rs. 25 Lakhs, or

                 b. The annual turnover of the LLP exceeds Rs. 40 Lakhs

                 This is perceived to be a significant compliance benefit

5. Every year, there are about 8 to 10 regulatory formalities and compliances are required to be duly completed and submitted by a Private limited company whereas a Limited Liability Partnership is required to file only two, namely, the Annual Return & Statement of Accounts and Solvency

6. Taxation Aspect on LLP is far simpler as compared to Limited Companies. For the purpose Income Tax, LLP is treated on a par with partnership firms. Thus, LLP is liable for payment of income tax and share of its partners in LLP is not liable to tax. Thus no dividend distribution tax is payable.

7. We provide entire gamut of services pertaining to LLPs as follows

                  • Obtaining DIN and Digital signatures for Partners,

                  • Seeking availability of desired Name of LLP

                  • Incorporation of Limited Liability Partnership (LLP) Firm.,

                 • Drafting and vetting of LLP Agreements.

                 • Conversion of company or partnership firm into Limited Liability Partnership Firms or vice-versa.

                 • Annual Compliances and Filling of returns, statement of account or obtaining of Designated Partner Identification Number (DPIN) etc.