LLP Formation Checklist
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What is Limited Liability Partnership?
Limited Liability Partnership (LLP) is a type of organization in which each partner’s liability is limited to the extent of his/her contribution. It is formed under the Limited Liability Partnership Act 2008. Limited Liability Partnership (LLP) firm is a combination of partnership firm and private limited company, hence LLP enjoys benefits of both types of organizations.
Takeaways from this checklist
- Consolidated list of documents required for setting up LLP.
- Step by step process for registration of LLP.
- Information on e-forms required to be filed.
Benefits of LLP Registration
Partners have limited liabilities and LLP has a separate legal entity and can have properties in its name.
The cost of forming an LLP is lower compared to forming a private limited company.
Compliances are fewer and easier for an LLP compared to private limited company.