PPT about Incorporation of a Limited Liability Partnership (LLP) - PowerPoint PPT Presentation

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PPT about Incorporation of a Limited Liability Partnership (LLP)

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Limited liability partnership (LLP) is a type of business entity which offers limited liability to its owners and requires minimal maintenance. Read the PPT to know more about LLP. For LLP registration, visit:- – PowerPoint PPT presentation

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Title: PPT about Incorporation of a Limited Liability Partnership (LLP)


1
Limited Liability Partnership
  • Incorporation of

2
What 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.
3
What 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.

4
What 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.

5
What 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.

6
What 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.

7
What 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

8
How 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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