Limited Liability
Partnership Firm is that form of corporate business where the partners carry on
a business with Limited Liability. Therefore the LLP firm gives the combination
of both private limited company and partnership firm. LLP in India has become
most accepted form of business for the people with varied budget comes to an
agreement to carry a business in partnership. LLP has become more favorable
because of its silent features like LLP restrict the use of personal assets of
partners to write-off the debts of the firm and no partner would be responsible
on account of unauthorized action of other partners, LLP makes the business a
separate identity hence the partners of LLP are not liable for any act done by
the company, it is quite easy to register and operate the LLP. Also there are
many exemptions which are available for LLP and that relates to administration,
management, regulatory compliances, tax compliances, etc
Limited Liability
Partnership firm is governed under the Limited Liability Partnership Act 2018
which differentiate the LLP from the traditional & oldest form of unlimited
partnership which is governed under the Partnership Act 1890. The process of
LLP registration has become easier in order to influence people to incorporate
LLP. To get the complete knowledge about What is LLP, its
advantages/disadvantages, compliances, tax saving benefits kindly reach us at
company-registration.in or contact us at 8800-100-284