What is LLP

Limited Liability Partnership (LLP) is an incorporated business organization. It is a Body Corporate having the features of a Partnership Firm & a Limited Company. The management of LLP is defined by LLP agreement & partners have the freedom to regulate affairs of the LLP. Minimum two persons are mandatory to register a LLP and there is no restriction regarding maximum number of members.

Benefits of LLP

• Legal entity separation.
• Limited Liability to the partners
• Simple process of the registration
• Perpetual existence irrespective of changes in partners
• No requirement of audit of accounts until turnover reaches Rs.40 lakhs or contribution Rs.25 lakhs
• Less tax as compared to the company
• No necessity of minimum capital contribution
• No restrictions as to maximum number of the partners