How to Form a LLP Company in India


How to Form a LLP Company in India

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An LLP is a separate legal entity which can enter into contracts, possess property, and sue or be sued. The assets of the LLP are not tied to individual partners, meaning that personal assets are shielded from being used to pay business debts. Additionally, the LLP has perpetual succession, which means that even if a partner leaves or dies, the LLP will continue to operate.

While a LLP does offer several advantages, there are also some disadvantages to this type of entity. For example, unlike a corporation, an LLP cannot raise capital from venture capitalists and angel investors because there are no shareholders. In addition, a LLP is required to file the LLP Agreement with the Registrar of Companies within 30 days of incorporating.

The LLP agreement will contain details such as the name of the LLP, name and address of all the partners and designated partners, the purpose for which the LLP is incorporated, share capital of each partner, profit sharing ratio, rights and duties of the LLP, mandatory compliances, etc. The LLP must also submit proof of address and passport size photographs of all the partners.

Lastly, the LLP must file an application for registration with the Registrar of Companies in the state where it is located. This application will contain the requisite fees and the details of all the partners including their DIN/DPIN, as well as address and residence proof. It must also be signed by all the designated partners using a Digital Signature Certificate.

 

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