LLP Registration in Banaswadi consultant provides services in all over Bangalore to the best services in  Limited Liability Partnership Firm is a unique entity form of business entity that is easy to incorporate with a low of two partners and involves less post-registration accession and continuation as compared to any other form of business. To overcome the risk of unlimited liability, limited liability partnership development came into the picture. If a start-up is not keen to raise funds and wants less stress on the acceptance part, then they can opt for a Limited Liability Partnership. Limited Liability Partnership is a different business vehicle that gives the Profit of Limited Liability Company and flexibility of a partnership firm. Since Limited Liability Partnership contains elements of both ‘a corporate structure’ as well as ‘partnership firm structure’; it is many a time termed as a mixture of a company and a partnership. Limited Liability Partnership is a separate Lawful entity that can continue its existence irrespective of changes in its partners. Limited Liability Partnership is an incorporated partnership formed and registered under the Limited Liability Partnership Act, 2008.

  • Separate Legal Entity

A Limited Liability Partnership is a separate lawful entity just like companies. It follows the principle of perpetual succession. The entry and exit of a new associate or existing one do not diffuse its existence. Consequently, the assets of the business are not owned by any of the associates.

  • Limited Liability

The liability of each partner is limited to the contribution made by the partner. It means that if the company incur any losses, then the personal benefit of the company’s partners won’t be seized. Also, they would not necessarily need to pay for those losses.

  • No requirement of Minimum Capital Contribution

To start a Limited Liability Partnership, you don’t need to keep up with any minimum capital necessity. You can start your Limited Liability Partnership with as low as one rupee. Hence, the cost of forming a Limited Liability Partnership is very low.

  • Less Compliance

There are very Few compliances and constitution in comparison to any other form of an entity like a private company or Public Company.

  • Easy transfer of ownership

In a Limited Liability Partnership, it’s quite easy to transfer ownership to others. Unlike the traditional partnership firm where the increase of new partners affects its existence, in a Limited Liability Partnership, things are completely opposite.

  • No Requirement of Audit

In a Limited Liability Partnership, there is no requirement of conducting inspect. The need for audit arises only during the following two situations When the annual income of the business crosses the limit of Rs. 40 lakhs, or When the capital offering goes above Rs. 25 lakhs.

  • No tax levied

No tax is levied on the dispersal of profits among the partners of Limited Liability Partnership. Following are the basic checklist to form a Limited Liability Partnership Firm:

  • Low 2 designated Partners

Partners are those who own the Limited Liability Partnership and manage it. On the other hand, designated partners are accountable for compliance under the Act. The minimum number of associates to include a Limited Liability Partnership is two. Hence, among the partners,

  • There should be a minimum of two designated partners who shall be isolated, and
  • At least one of the partners should be a resident in India.
  • Maximum Limit of Partners
  • There is no upper limit on the great number of partners of Limited Liability Partnership. Hence, there can be any number of partners
  • Permanent Account Number for all the partners
  • It is important to note that all the partners must mandatorily have a Permanent Account Number.

Digital Signature Certificate for one Designated Partner

Every proposed partner must have a Digital Signature Certificate to digitally sign the e-forms for the formation of a Limited Liability Partnership. In case you do not have a Digital Signature Certificate,

How to get LLP registration in Banaswadi?

Are you looking to get LLP registration in Banaswadi? Consultry is the top LLP registration in Banaswadi, to file LLP registration in Banaswadi at an affordable cost. Feel free to send your inquiry to info@consultry.in or feel free to contact: 7975187793 or visit https://www.consultry.in/.

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