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LLP Formation in India

What is LLP?

LLP Formation in India-

LLP Formation in India -A Limited Liability partnership is a form of legal entity which combines the advantage of partnership and company form of organization. LLP is governed by Limited Liability Partnership Act, 2008.

What documents  are required to form LLP Formation in India?

  1. Scan Copy of Pan Card of the proposed Designated Directors
  2. Scan Copy of Address Proof of the proposed Designated Directors
  3. Scan copy of the photo graph of the proposed Designated Directors
  4. DPIN (Designated Partner Identification No ) for all the partners
  5. DSC for one of the Designated Partner.
  6. Proposed Name of the LLP Formation in India.

 

LLP Formation in India

LLP Formation in India

What is the time involved in forming LLP Formation in India?

Normal Time taken to register LLP Formation in India   is 10-12 working days time provided all the documents are timely provided.

Advantages of a Limited Liability Partnership-

1. As Many Owners As Needed
One of the greatest things of a limited liability partnership is that there is no limit on the amount of owners that can be involved with the business. This is great because it evenly spreads out the amount of liability that each partner can have if something where to go wrong with the business.

2. Much Less Liability
Just as the name suggests, limited liability partnerships limit your liability. Since there are multiple owners involved in the business all of the risks of the business are spread out and made much smaller than if a single person was responsible for the business on their own. This generally refers to legal issues, like if the company was sued for any reason.

3. Tax Benefits
Another one of the great benefits of operating underneath an LLP is how you file taxes. The partnership itself doesn’t have to file taxes as a business, which provides great breaks for the company. However, each individual partner must file a variety of different tax forms regarding the business.

4. Great Flexibility
Flexibility is a defining characteristic of limited liability partnerships. Each partner in the business has the ability to decide how much they want to contribute and how much of a partner they truly want to be in the business. They are also not obligated to participate in business meetings or consultations with anyone that they do not feel the need to.

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