Limited Liability Partnership

LLP full form: LLP stands for Limited Liability partnership. LLP is a mix of a traditional partnership, and a company as some of its features are similar to a traditional partnership and some matches with a company.

LLP Registration, a prime reason why it has evolved is that of its simplicity in a formation and easy maintenance. It helps owners also to limit their liabilities. This is the biggest advantage of the Limited Liability Partnership over a traditional Partnership Firm.

Incorporating an LLP company has both Limited Liability features of a Private Limited Company and the flexibility of a Partnership Firm. No partner is liable on account of unauthorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s misconduct. LLP form of organization is usually preferred by Professionals, Micro and Small businesses that are family owned or closely-held.

LLP registration procedure is the easiest and transparent process as it has a blend of the benefits of a Company and a Partnership Firm namely, limited liability feature of a Company and the flexibility of a Partnership Firm. Procedure of LLP registration is not lengthy as you can file your incorporation form online. Online LLP registration procedure will save you a lot of time and energy. LLP registration process includes following steps:

• Obtain Digital Signature
• LLP Name Application through RUN-LLP
• Incorporation of LLP- Form FiLLiP- (Includes DIN Application)
• PAN and TAN Application
• File LLP Agreement