LLP - Limited Liability Partnership

LLP registration is a kind of partnership in which the partners have limited liability. The main feature of limited liability partnership registration is that one partner, which is not responsible or liable for another partner's negilance. Limited Liability Partnership is an incorporated business organization, which is a Body Corporate having the features of a Partnership Firm and a Limited Company. The management of Limited liability partnership is defined by LLP agreement and partners have the freedom to regulate affairs of the LLP. Minimum two persons are needed to register a LLP and there is no restriction regarding maximum number of members.

Benefits of LLP

Separate legal entity.
Limited Liability to partners.
Simple process of Registration.
Perpetual existence irrespective of changes in partners.
Less tax as compared to company.
No requirement of minimum capital contribution.
No restrictions as to maximum number of partners.

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