LLP has been introduced in India by way of Limited LiabilityPartnership Act, 2008 and the rules made thereunder and governed/ managed as per LLP agreement. Limited Liability Partnership (LLP) is a body corporate having separate legal entity. The characteristics of an LLP is a combination of partnership firm as well as a limited corporation. It is essentially a partnership with one important distinction that the partner or investor’s liability is limited to the amount he/she has invested in the LLP. LLP partners do not receive dividend, but enjoy direct access to the flow of income and expenses. Further one of the biggest reason and advantage that people are opting for LLP is that, it is less expensive with respect to compliances as compare to private limited or public limited company. We, at Complainceship, having the experience of more than 9 years of registering a Limited Liability Partnership in india, provide full fledge assistance to the entrepreneur in registering his/ her Limited Liability partnership (LLP) without any hassle and help them in achieving their dreams.
The Liability of each partner is limited to his share as written in the Agreement filed at the time ofcreation of LLP as compared to Partnership Firms which have unlimited liability.
It has a low cost of formation and is easy to form.
The Partners are not liable for the acts of each other and can be held liable only for their own acts ascompared to Partnerships wherein they can be held liable for the acts of their partners as well.
Less Restrictions and Compliance are enforced on a LLP by the Government as compared to the restrictionsimposed on a Company.
LLP is an separate Legal entity, therefore a LLP can sue in its name and be sued by others. The partners are not liable tobe sued for dues against the LLP.
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