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What is a Limited Liability Partnership ?

In general partnership, all the partners have equal responsibility for the business and unlimited liability for the financial obligations of the business. We can simply conclude for the above statement that in this kind of partnership a person will not only enjoy the benefits but also detriments of the business. A Limited Liability Partnership (LLP) is simply a partnership type where some or all partners having limited liabilities work together. In such partnership, each partner is not responsible or liable for another partner’s misconduct or negligence. As the name suggests Limited Liability that means it allows at least one owner limited personal liability for the business’ financial obligations, such as debts and court judgments. Each partner who decided to get into Limited Liability Partnership works or contributes to the everyday business operations but each partner enjoys limited personal liability for the other partners’ acts.
Advantages of LLPDisadvantages of LLP
Unlike internal complex structure of a company, it is more flexible to organise the internal structure of a company.One cannot raise money raise money from public which a company forms easily do.
All partners are protected by some form of liability protection, but this also means each partner gets a say in how the business is ran.Any act of the partner without the other partner may bind the LLP.
LLP ownership can be easily transferred to another person. LLP is separate from its managing partners, so if managing partners are changed, the ownership of LP can be changed.Private limited is preferred over Limited Liability partnership.
An LLP can acquire, own and enjoy property in its own name. Partners cannot make any claim upon the property of the LLP so long as the LLP is going concern as it is entirely distinct from its partners.
One of the biggest advantages a LLP holds, the status of being legally responsible only to a limited amount for debts of a LLP. The liability of the members in respect of the LLP’s debts is limited in such partnerships.
Without going through any corporation formalities you can still have benefits similar to a corporation.

How to apply for LLC

1. Apply

Complete our Simple Form

2. Questionnaire

Answer our few easy questions in little time

3. Documents

Your documents will be assembled by us in little time and file them directly to with the secretary of state.

4. Complete

In no time, you will receive your Limited Liability company package by mail.

Frequently Asked Questions

1. How many members required to start a Limited Liability Partnership?

To start a LLP at least two members are required for registration. The maximum number can go up to 200. In case, you are a sole owner you can register as a one company.

2. Can a LLP have a Director?

No! In a LLP you cannot have shares, shareholders or directors. Each LLP member is taxed through taxed through self-assessment as self-employed individual. Therefore, LLP’s do not pay corporation tax.

3. What is a designated partner in LLP?

At least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.

4. Can I convert my LLP in a Private Limited company?

No! You cannot convert your LLP into a Private Limited Company. LLP Act, 2008 and Companies Act, 2013 both don’t have any provisions on conversion of LLP in a private limited company. A no objection certificate needs to be issued if you want to expand your business and register a new Private Limited company with same name as that of LLP.

5. Can a working person who is getting salary also become a partner in a LLP?

Yes! You are allowed for such provisions if your employment agreement is allowed you to do so. Employers are comfortable with the fact that their employee is a director in another company in most of the cases.

6. What is LLP name?

Acts like companies Act, 2013 or Limited Liability partnership Act, 2008 helps you to choose an acceptable name for company. It is one of the most important steps in incorporation process.

7. What is LLP agreement?

In a LLP agreement a contract is made between the members of an LLP to establish a fair relationship between them and to protect their investment. The LLP itself is typically also a party to the agreement