LLP is a body corporate formed and incorporated under LLP Act, 2008. It is a legal and separate entity from that of its partners. It is preferred as it incorporates the benefits of both partnership firm and company into a single form of organization. The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008. The Limited liability Partnership Act, 2008 regulates the LLP in India. Minimum two partners are required to incorporate an LLP and there is no upper limit on the maximum number of partners. The rights and duties of designated partners are governed by the LLP agreement
PLUS TAXES(18%)
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PLUS TAXES(18%)
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PLUS TAXES(18%)
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A LLP is different from its partners has a seal of its own and its assets are separate and distinct from those of its partners . Therefore it is capable of owning property, incurring debts, borrowing money, having a bank account, employing people, entering into contracts and suing or being sued in the same manner as an individual.
The cost of forming an LLP is low compared to the cost of incorporating a public or private limited company.
The LLP needs to file only two statements annually, i.e. Annual Return and a Statement of Accounts and Solvency.
There is no requirement of having a minimum paid-up capital before going for incorporation. It can be formed with any amount of capital contributed by the partners.