LIMITED LIABILITY PARTNERSHIP(LLP)

LLP stands for Limited Liability Partnership, a legal structure that combines the benefits of a partnership with the liability protection of a company. LLPs are a popular choice for entrepreneurs in India.

Here are some key features of LLPs: 

• Limited liability: Partners are only liable for their agreed contribution to the LLP, and are not responsible for the actions of other partners. 
• Separate legal entity: LLPs are distinct legal entities that can own property, enter into contracts, and be subject to legal obligations.
• Flexibility: LLPs offer the flexibility of a partnership, while still providing the benefits of limited liability.
• Perpetual succession: LLPs continue to exist regardless of changes in partners.
• Taxation: LLPs are taxed as a partnership, and do not pay a dividend distribution tax.

To register an LLP, you'll need to provide the following documents:

• Identity proof for all partners
• Address proof for all partners
• Contact details for all partners
• Educational qualification of designated partners
• A recent copy of the electricity bill, gas bill, mobile bill, or telephone bill for the registered office

Advantages of LLP

The advantages of a Limited Liability Partnership (LLP) are elaborated in detail below:

• Own Legal Identity: An LLP is like its own person, just like big companies. This helps people trust and work with it, as it can do legal things independently.
• Less Risk for Partners: LLP partners are only responsible for what they put in. They don't have to pay for all the debts or losses, which is good for their reputation.
• Saves Money and Time: To register LLP, the costs are less and have fewer rules than big companies. There's less paperwork to do every year.
• No Fixed Money Needed: You don't need much money for LLP company registration. Partners can put in whatever amount they want.