Limited Liability Partnership (LLP) firm is one of the most popular form of business in India as well as abroad due to its many advantages. In a LLP, no partner is liable for other partner's responsibility or liability as per the rules and regulations. Limited Liability Partnership (LLP) formation in India is followed by the LLP Act, 2008 and LLP Rules, 2009 in India. Limited Liability Partnership (LLP) came into existence in order to avoid the drawbacks of limited partnership business. Here, partners are free and they can individually responsible for their liabilities as per the LLP formation procedures and rules and regulations. When it comes to Limited Liability Formation (LLP) formation, one can follow different modes including online medium and direct LLP formation procedure. Therefore, one needs to take the help of a legal professional in order form a LLP firm as per their rules and regulations.
LLP Formation Procedure in India
Limited Liability Partnership (LLP) firm follows the LLP Act, 2008 and LLP Rules, 2009 in India in order to avoid any problems in future among partners. LLP firms in India have been growing at a rapid rate as this type of business is really beneficial for both partners and society. One needs to pay a certain amount as LLP fee as per the LLP Act and rules in order to register the name of the partnership firm under the law. This amount can vary depending upon the status of a LLP firm, which includes from five thousands of rupees to two thousands rupees depending upon the contribution. These days, online LLP formation is absolutely easy and very simple compared than traditional medium as one can do it in the comfort of his or her home. The following essentials should be fulfilled in order to register a LLP firm:
- Minimum two partners
- One of them should be the resident of India
- LLP Name
- LLP Agreement
- Registered Office
