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Limited Liability Partnership
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LIMITED LIABILITY PARTNERSHIP (LLP)
A Limited Liability Partnership (LLP) is a
form of partnership in which partners enjoy limited liabilities. Therefore, it can
demonstrate the specialties of partnerships and corporations. In LLP, some or all
partners have a form of limited liability similar to that of shareholders of a
corporation. Unlike shareholders in a company, the partners have the right to manage the
business directly. In contrast, shareholders must elect a board of directors under the
Companies Act to manage the company. The LLP is more conducive for businesses in which
all investors desire to take an active role in management.
In India, Limited Liability Partnership is controlled by the Limited Partnership Act
2008, which has been in operation since 31st March 2009.
Characteristics of LLP
- Limited Liability Partnership Agreement
- Limited Liability
- MCA and ROC
- Management
- Partnership Act, 1932
- Minimum partner
As per the Limited Liability Partnership Act 2008, “Limited Liability Partnership” means a partnership formed and registered under this Act. In Limited Liability Partnership, the partner is free from personal liability and he shall be liable to the extent of their capital contribution in the LLP.
Limited Liability Partnership Agreement
Limited liability partnership agreement means any written agreement between the partners of limited liability partnership or between the limited liability partnership and its partners which determines the mutual rights and duties of the partners and their rights and duties concerning that limited liability partnership.
Limited Liability
As the name suggests, the liability of the partners in Limited Partnership is limited to the extent of capital contributed by the partners.
MCA and ROC
Though Limited Liability Partnership is distinct from Company, it is governed by the Ministry of Corporate Affairs. Its application for registration is to be made with the Registrar of Companies of the relevant state.
Management
The limited liability partnership is managed by its designated partner
Partnership Act, 1932
Limited Liability Partnership is different from a Partnership Firm registered under Partnership Act, 1932. Hence, the Partnership Act 1932 does not apply to Limited Liability Partnership.
Minimum partner
There must be at least two partners in a limited liability partnership.
Advantages of LLP
Separate Legal Entity
The LLP is regarded as a legal person. It means an LLP can own property, buy, lease, rent, enter into a contract, and employ staff.
Minimum Capital
In the case of limited liability partnership, there is no need for minimum capital contribution.
Partner
A partner in LLP can be any individual or body corporate.
Designated partner
Every limited liability partnership shall have at least two designated partners who are individuals and at least one of them shall be a resident of India.
DPIN
Every designated partner of a limited liability partnership shall obtain a Designated Partner Identification Number (DPIN) for which application can be made to ROC.
Profession
The format of limited liability partnership is chosen by professionals like Company Secretaries, Charted Accountants, Cost Accountants, Advocates, or Engineers.
Flexibility
The operation of the LLP and the distribution of profit is decided by a written agreement among the partners. Reservation of Name By registering the LLP on the MCA portal, you can protect the name of your LLP from getting copied from any other company.
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