Limited Liability Partnership


Limited Liability Partnership, the most popular legal structure for businesses, should be chosen by family and trading businesses. A Limited Liability Partnership can be incorporated with minimum 2 partners and maximum 200 partners. The owners of Limited Liability Partnership have limited liability to creditors. In case of a default, banks / creditors can sell only company’s assets but not the personal assets of a directors.

The tax rate for the Limited Liability Partnership is more compared to Pvt Ltd but there is no dicidend tax. Company Registration in India can be done through BusinessSetup in all major cities including Bangalore, Mumbai, Pune etc.

Why Choose Limited Liability Partnership Registration?

  1. If you do not want to raise funds and it’s a family business
  2. Limited Liability
  3. Can be incorporated in 15 working days
  4. Less expensive to incorporate
  5. Credible than partnership firm

Why not choose a Limited Liability Partnership?

  1. The compliance cost is a bit high
  2. Cannot raise funds
  3. Cannot be converted into private limited company

What are the minimum requirements for LLP registration?

  1. Minimum 2 directors
  2. 1 Partner should be resident Indian

Factors which are important to decide the name of the LLP

There are certain rules laid down by the government to decide the name of the company. The name should be unique so a s to avoid the rejections. Following are the important guidelines for selecting the name of the company:

IT MUST BE MEANINGFUL:
The name of the company should have the meaning or relevance. It should is no way hurt any sentiments.

IT MUST BE UNIQUE:
The name of the company mustn’t be the same or identical to an already existing company or a trademark. One must preferably avoid the plural version.

IT SHOULDN’T BE ILLEGAL:
The name of the company shouldn’t be against the law. It shouldn’t be abusive or against customs and the beliefs of any religion.

IT SHOULDN’T BE A ABBREVATION:
The name of the company cannot be an abbreviation. It should be a complete word.

FAQs


Yes any of your relative can be a partner in LLP.
Yes you can register a LLP at your residential address.
Minimum 2 partners are required to register a LLP.
No there is no requirement of minimum capital. You can start a LLP with as low as Rs 100.
No there is no way you can convert a LLP into Private Limited.

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