Title: PPT about Incorporation of a Limited Liability Partnership (LLP)
1Limited Liability Partnership
2What is a Limited Liability Partnership (LLP)?
Limited liability partnership (LLP) is a kind of
business entity that offers limited liability to
its owners and needs negligible maintenance.
The distinctive feature of LLP is that one
partner isn't responsible for the negligence or
misconduct of another partner and it's a mixture
of benefits of a Pvt. Ltd. and Partnership Firm.
LLP is taken into account as a separate legal
entity and partners are liable solely to the
extent of their capital contribution.
3What are the advantages of incorporating a
Limited Liability Partnership (LLP)?
- Separate Legal Entity LLP is taken into account
as a separate legal entity and as an artificial
judicial person as per the Act. Being an
artificial judicial person, LLP can purchase its
own property and incur its own debts. Partners of
the LLP have liability restricted to their
capital for debts of the LLP. - Perpetual succession Since LLP is taken into
account as an artificial judicial person, its
existence isn't affected by death, retirement or
any other kind of departure of its partners. LLP
continues its existence unless it's lawfully
dissolved as per the provisions of law.
4What are the advantages of incorporating a
Limited Liability Partnership (LLP)?
- Lesser Compliances Auditing of books of accounts
isn't needed if LLP includes a turnover of less
than Rs. 40 lakhs or capital contribution of less
than Rs. 25 lakhs. This protects the price and
efforts of LLPs and its ideal for small
businesses or new startups. - Transferability Interest in LLP will be simply
transferred by introducing a brand new selected
partner in LLP. It may be a separate legal entity
and dynamic in nature, a designated partner
doesn't have an effect on its existence.
5What are the advantages of incorporating a
Limited Liability Partnership (LLP)?
- Ownership of Property Being an artificial
judicial person, it can purchase property in its
own name. The LLP is the owner of the property
and therefore the partner cannot claim this
property. - Limited Liability Limited liability of its
partners is one among the foremost necessary
benefits of LLP. The liability of a partner in
respect of LLPs debts is limited.
6What are the advantages of incorporating a
Limited Liability Partnership (LLP)?
- Capacity to sue and be sued LLP is an artificial
judicial person. Just as an individual can
initiate legal proceedings against another
person, LLP may also initiate legal proceedings
against another person, company or LLP. - Multiple Relationships An individual may be a
partner, worker or a creditor of an LLP. There
are completely different contracts with the same
person in numerous capacities.
7What are the documents required for registering a
Limited Liability Partnership (LLP)?
- Documents required for Registration
- Identity Proof
- Address Proof
- PAN card of all Directors
- NOC
- Additional documents
8How to register a Limited Liability Partnership
(LLP)?
- Steps required for registration
- Obtain DSC application from MCA.
- Apply for DIN.
- Name approval.
- Incorporation of LLP.
- File for an LLP agreement.
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