May 22, 2016

Limited Liability Partnership Registration in Bangalore

Limited Liability Partnership Registration in Bangalore

Here you’re going to learn about the LLP company type and whether it suites your company nature. Corproots can help you for this form of registration to your business entity following the future assistance that satisfies your demand.

Limited Liability Partnership Registration in Bangalore is the combination of Private limited company and the partnership firms. LLP seems to be very closer to the partnership firms but the difference is that LLP has an added advantage of limited liability. Rather than the number of directors or shareholders in the partnership firms, LLP have Partners to run the business.

The factor about LLP is that, Partners/ designated partners do taking decision making and can be consider as the owner of company. Even the directors of the company have the same rights of the designated partners. For every firm there will be some basic requirements that should be satisfied before doing the registration process. LLP do have the same type of basic things that need to be satisfied for the business people requirements.

Why LLP?

In India LLP is the most recent legal form introduced for the business people with the limited liability advantage on the year 2009 based on the Limited Liability Partnership Act. When compared to the normal partnership firms, LLP Company can act as a separate legal entity. Here the partners do not have the risk of the loss of investment in the company unless there happens any suspicious activities like fraudulence or personal problems occurs.

As we have learned about the features of LLP Company, few more details like the requirements that should be satisfied for the LLP registration is as follows:

Requirements for LLP

For the LLP registration type the major requirement is the number of partners should be at least of two and these partners can be a corporate entity or individuals. The available formal partners and the LLP designated partners have the same duties to the LLP Company. Accounts filing with the Ministry of Economy are performed by the LLP designated partners. Based on the analysis of every business types, the LLP company registration cannot be applied for all the types. LLP company registration is the most recent type of legal registration getting popularity for trading based, service based and also professional businesses.

What will be the benefits of LLP?

  • Registration charge is less
  • Less compliance
  • LLP has tax only based on the shared profit in that tax year
  • LLP partners have no restrictions like attending meetings and maintaining records like private limited company types
How can apply for LLP?

LLP company registration can be applied through Online and it is similar to the private limited company registration. Before the registration the things that have to be submitted are as follows:

  • Proposed LLP name
  • Registered office address
  • Identity proof of the LLP partners
  • LLP Agreement
  • DIN and Digital signature of the partners is required