CS Kanika Goel

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Article discusses in Brief about Meaning of Limited Liability Partnership, Benefits of LLP over Conventional Partnership Firm, Maximum Time Taken to incorporate LLP, Documents Required to Form LLP, Minimum Persons Required to form LLP and Steps to incorporate a LLP

Meaning

A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization

Benefits-Why LLP over Conventional Partnership Firm

1. Renowned form of business

2. Easy availability of finances

3. The partners are not liable to be sued for dues against the LLP

4. No partner would be liable on account of the independent or un-authorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner’s wrongful business decisions or misconduct.

5. Partners are not agent of other Partners: In LLP, Partners unlike partnership are not agents of the partners and therefore they are not liable for the individual act of other partners in LLP, which protects the interest of individual partners.(9873564091)

6. LLP is more than a partnership but less than a company in terms of compliances and legal enforceability

Maximum Time Taken to incorporate LLP

15-20 Days depending upon processing of documents

Documents Required

1. KYC of all the partners (PAN, ADHAR/passport, Photo)

2. Utility bill of proposed registered office address of LLP

3. In case of rented premises, NOC from landlord and rent agreement

Minimum Persons Required:

2

Steps to incorporate a LLP

Decide Designated Partners, Proposed Name, Agreement terms, registered office

1. Obtain DSC, DIN/DPIN

2. Name availability

3. Drafting LLP Agreement

4. Define Amount of Contribution

5. Filing incorporation

6. COI

LLP Incorporation fee varies according to the amount of contribution made by the partners to the LLP in accordance with Annexure A of LLP Rules.

(Have questions? Feel free to seek consultancy from Prudent AdvisO Services; mail at prudentadviso@gmail.com/one stop solution for your business/special support to start-ups)

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  • KS Chauhan

    hi sir it is possible under MCA LLP License holder . company receive a cash more than 20000 thousand ( mean 1 lakh to 50 lakh cash ) and pay 4% to 5% profit share every month for the 24 month, with time bonding agreement, payment receipt with print 4% monthly profit and security check.
    it is possible under LLP Law receive company agent commission in different level like upline and downline.
    it is possible under LLP Law company launch a MLM matrix plan receive and public deposit in more than 20000 thousand ( mean 1 lakh to 50 lakh cash ).
    please ans or call my mobile no. +91-9592666786.
    please solved my query.

  • KS Chauhan

    hi sir it is possible under MCA LLP License holder . company receive a cash more than 20000 thousand ( mean 1 lakh to 50 lakh cash ) and pay 4% to 5% profit share every month for the 24 month, with time bonding agreement, payment receipt with print 4% monthly profit and security check.
    it is possible under LLP Law receive company agent commission in different level like upline and downline.
    it is possible under LLP Law company launch a MLM matrix plan receive and public deposit in more than 20000 thousand ( mean 1 lakh to 50 lakh cash ).
    please ans or call my mobile no. +91-9592666786.
    please solved my query.

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