PPT about Incorporation of a Limited Liability Partnership (LLP)

1
Limited Liability Partnership

• Incorporation of

2
What is a Limited Liability Partnership (LLP)?
Limited liability partnership (LLP) is a kind of
business entity that offers limited liability to
its owners and needs negligible maintenance.
The distinctive feature of LLP is that one
partner isn't responsible for the negligence or
misconduct of another partner and it's a mixture
of benefits of a Pvt. Ltd. and Partnership Firm.
LLP is taken into account as a separate legal
entity and partners are liable solely to the
extent of their capital contribution.
3
What are the advantages of incorporating a
Limited Liability Partnership (LLP)?

• Separate Legal Entity LLP is taken into account
  as a separate legal entity and as an artificial
  judicial person as per the Act. Being an
  artificial judicial person, LLP can purchase its
  own property and incur its own debts. Partners of
  the LLP have liability restricted to their
  capital for debts of the LLP.
• Perpetual succession Since LLP is taken into
  account as an artificial judicial person, its
  existence isn't affected by death, retirement or
  any other kind of departure of its partners. LLP
  continues its existence unless it's lawfully
  dissolved as per the provisions of law.

4
What are the advantages of incorporating a
Limited Liability Partnership (LLP)?

• Lesser Compliances Auditing of books of accounts
  isn't needed if LLP includes a turnover of less
  than Rs. 40 lakhs or capital contribution of less
  than Rs. 25 lakhs. This protects the price and
  efforts of LLPs and its ideal for small
  businesses or new startups.
• Transferability Interest in LLP will be simply
  transferred by introducing a brand new selected
  partner in LLP. It may be a separate legal entity
  and dynamic in nature, a designated partner
  doesn't have an effect on its existence.

5
What are the advantages of incorporating a
Limited Liability Partnership (LLP)?

• Ownership of Property Being an artificial
  judicial person, it can purchase property in its
  own name. The LLP is the owner of the property
  and therefore the partner cannot claim this
  property.
• Limited Liability Limited liability of its
  partners is one among the foremost necessary
  benefits of LLP. The liability of a partner in
  respect of LLPs debts is limited.

6
What are the advantages of incorporating a
Limited Liability Partnership (LLP)?

• Capacity to sue and be sued LLP is an artificial
  judicial person. Just as an individual can
  initiate legal proceedings against another
  person, LLP may also initiate legal proceedings
  against another person, company or LLP.
• Multiple Relationships An individual may be a
  partner, worker or a creditor of an LLP. There
  are completely different contracts with the same
  person in numerous capacities.

7
What are the documents required for registering a
Limited Liability Partnership (LLP)?

• Documents required for Registration
• Identity Proof
• Address Proof
• PAN card of all Directors
• NOC
• Additional documents

8
How to register a Limited Liability Partnership
(LLP)?

• Steps required for registration
• Obtain DSC application from MCA.
• Apply for DIN.
• Name approval.
• Incorporation of LLP.
• File for an LLP agreement.

9
About
MyEfilings is the leading Online company
registration portal in India. We provide 100
services to our valuable customers focusing on
Business Registration, Registration of Private
Limited Company, LLP Registration, Partnership
Firm, Tax Registration, One Person Company,
Public Limited Company, Proprietorship and more.
We specialize in managing and growing your
business. To know more about our services, visit
MyEfilingss website or contact us on
support_at_myefilings.com
10
To know more about our services, visit our
website-https//www.myefilings.com/
11
Starting A Business Was Never So Easy