LLP Registration in India has become an alternative form of business that provides the advantages of a Company and the flexibility of a Partnership firm into a single organization. The Concept of LLP in India was introduced back in 2008 by the Limited Liability Partnership Act of 2008. This unique hybrid is suitable for setting small, medium-sized businesses.
It is very easy to manage and incorporate a Limited Liability Partnership in India. To register an LLP minimum of two partners are required, there is no upper limit as such. The LLP agreement states the rights and the duties of the Partners. In an LLP one partner is not responsible for the misconduct and negligence of the other partner. The partners are responsible for the compliances and all the provisions that are specified in the LLP agreement.
|Unregistered type of business entity managed by one single person
|A formal agreement between two or more parties to manage and operate a business
|A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company.
|Registered type of entity with limited liability to the owners and shareholders
For One Person Company
|7-9 working days
|Under Partnership Act
|LLP Act, 2008
|Under Companies Act,2013
|Transferable if registered under ROF