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Limited Liability Partnership

Partner for limited liability, unlimited scope.

Experience the freedom of working between the partners. Manage your LLP at home. Drafts for the general use. Create, manage & decide the terms yourself. Make us your working partner, but without any share.

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Frequent questions, quickly answered.

LLP is defined as partnership formed and registered under Limited Liability Partnership Act, 2008 it is capable of entering into contracts and holding property in its own name. The LLP is a separate legal entity, is liable to the full extent of its assets however liability of the partners is limited to their agreed contribution in the LLP. Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.

LLP is viewed as alternative corporate business vehicle that provides benefits of limited liability however allows its members the flexibility of organising their internal structure as partnership based on mutually arrived agreement

LLP is body corporate and legal entity separate from its partners and have perpetual succession.

For ease of doing business, Firms, Private Companies or unlisted public companies is allowed to be converted into LLP in accordance with the provision of the Act.

The following are the salient features of LLP

  • Legal Existence
  • Limited Liability
  • Designated Partners
  • Merger and Amalgamation
  • Conversions

Every Limited Liability Partnership shall have at least two designated partners who are individuals and at least one of them shall be a resident in India. Provided that in case of a Limited Liability Partnership in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such limited liability partnership or nominees of such bodies corporate shall act as designated partners.

On Non Compliance of above provision the Limited Liability Partnership and its every partner shall be punishable with fine which shall not be less than Rs 10000 but which may extend to Rs 5,00,000.

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