How to Form a LLP Company in India


How to Form a LLP Company in India

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An LLP is a hybrid business structure that combines the flexibility of a partnership with the limited liability protections of a corporation. This means that if the business fails, the owners' personal assets are not at risk. However, this liability protection does not extend to situations where an owner injures someone, commits fraud, personally guarantees a bank loan on which the business defaults, or otherwise fails to act legally or keep their personal and business affairs completely separate.

There is no lower limit on the number of owners of an LLP, as opposed to the minimum requirement of two partners for a partnership firm. This allows for maximum growth and a more diverse management team.

Another benefit of an LLP is that the profits are taxed individually rather than as a corporate entity, so you can retain more of your hard-earned money. However, there are other disadvantages to an LLP that you should be aware of before deciding whether this is the right option for you.

Unlike a private limited company, an LLP is not required to get its accounts audited by the Income Tax Department. However, it is recommended that LLPs get their accounting records examined at least once a year to ensure everything is on track.

Lastly, an LLP is required to submit proof of its registered office address at the time of registration or within 30 days of its incorporation. The ROC will accept either the LLP's residential address or a commercial office space. This proof can be in the form of a utility bill, government-issued identity card or rent agreement containing the name and address of the location.

 

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