LLP Formations

LLP Registration

Limited Liability Partnership (LLP) in India exerted influence after January 2009, making it an immediate success with the startups and professional service providers. LLP formation, governed by the Limited Liability Partnership Act, 2008, unites the advantages of a partnership firm with that of a limited liability company. It was started to implement a form of business that is easy to maintain and to help owners by equipping them with limited liability.

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The leading edge of an LLP is one partner is not responsible for other partner's wrongdoing or negligence. Professionals, Micro and Small enterprises prefer to form LLP for their business. LLP offers the benefit of limited liability towards owners and at the same time, needs minimum maintenance. The owners of a private limited company have limited liability towards creditors. In case of any defaults, banks/creditors can only dispose of the company's assets and not the personal assets of the directors. An LLP also provides limited liability safeguard for the partners from the liabilities of the LLP.

Benefits of Forming an LLP

There are many benefits to run a business by constituting as an LLP which is outlined below:
  • Dual advantages- Partnership with features like a company
  • No partner can be responsible for other partner's misconduct
  • Less expensive to incorporate than a private limited company
  • Limits the liabilities of its partners
  • Can raise funds from partners, banks and NBFCs
  • Flexible agreement
It is not an exhaustive list but also covers some other vital benefits accrue to an LLP.