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A Limited Liability Partnership is a corporate business vehicle that enables entrepreneurial initiative to operate in flexible and efficient manner by providing the benefits of limited liability and allowing its members to organize their internal structure as a partnership. LLP form of business is ideal for all classes of entrepreneurs whether it be traders, manufacturers or professionals. It is easy to incorporate and manage. LLP is more credible and preferable than a normal partnership firm. Registration of a LLP usually takes 7-10 days.
Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008. It exhibits elements of both partnership and corporation. In LLP, one partner is not responsible or liable for another partner’s misconduct or negligence unlike a traditional partnership in which each partner has joint and several liabilities.
LLP operates on the basis of an agreement. It provides flexibility without imposing detailed legal procedures.
An LLP is a legal entity and a juristic person. It has wide legal capacity and can own property.
A LLP enjoys perpetual succession till it is legally dissolved.
No audit required if it has less than Rs. 40 lakhs of turnover and less than Rs.25 lakhs of capital contribution.
In LLP, Partners unlike partnership are not agents of the partners and therefore they are not liable for the individual act of other partners.
The Partners of the LLP have no personal liabilities.
The ownership of a LLP can be easily transferred by adding the transferee as a designated partner.
A person can, at the same time be a Shareholder, Director, Creditor and employee of the company.
Obtain help of Professionals & Subject matter experts at CFO Affairs to understand the intricacies involved in the registration. We are more than happy to educate you and make your entity registration a hassle free process.
CFO Affairs helps you register in 5 to 6 working days, subject to MCA and client processing time.
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We’ve worked with CFO Affairs from the very early stages of our business, through to established startup, and then scale up. They have been a one stop solution to our start up needs, understanding our core activities, suggesting us the most appropriate entity, advising us on the mandatory registrations & permissions to be obtained. Their work has been invaluable to us and I would unreservedly recommend them!
As a startup company we were incurring costs in the set up of our business. CFO Affairs helped us with an interesting expense budgeting & business plan along with setting up of the entire work flow, invoicing, accounting and compliance system in place. The execution by their team was the best! We were relieved of so much work load and responsibilities! I personally recommend CFO Affairs to one & all! We will stay associated with you guys!
This is good news for me that the company is now incorporated. I would like to thank CFO Affairs and all its staff members involved in the incorporation process. CFO Affairs has been very punctual and thorough in all the documentation process. I am sure, it would have taken a lot more time for me to manage this stuff by myself, thanks to CFO Affairs, they managed it all for me.
The expertise at CFO Affairs is really broad and at the same time they have great specialists amongst them, giving access to advice that is current and in line with changing trends and norms. They have been awesome when it comes to delivering on time, proactively providing expert support to so many facets of our early strategies and management & an insightful and attentive partner. Kudos to the team! Keep the good work going.