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What is LLP? In India, Limited Liability Partnership (LLP) is defined as an entity formed and registered under the Limited Liability Partnership Act, 2008. In short, it means a partnership firm that is incorporated under the LLP Act. Apart from this, it takes the form of a separate legal entity having a continuous succession, similar to companies.
Jan 5, 2023 · Limited Liability Partnership (LLP) is a business structure that has gained significant popularity among entrepreneurs in India due to its unique advantages. Combining the benefits of a partnership firm and the limited liability feature of a company, an LLP offers flexibility, credibility, and protection to its partners.
Jun 30, 2021 · 3.1. The limited liability partnership agreement generally provides the mutual rights and duties of partners of an LLP inter-se and those of the LLP and its partners. 3.2. Some of the terms that a ...
The LLP full form is a Limited Liability Partnership. It has become a popular business structure for entrepreneurs in India. It has become a popular business structure for entrepreneurs in India. It combines the benefits of a partnership firm and a company, offering the flexibility of a partnership with the limited liability protection of a ...
- The Order of Paper on LLP
- Introduction
- Limitations of Traditional Partnership Firms and Emergence of LLP
- Introduction of LLP in India
- How to Incorporate LLP?
- Administration of LLP
- Conclusion
·Introduction ·Limitations of Traditional Partnership and emergence of concept of LLP ·Comparison ·Introduction of LLP in India ·Suitability of concept in Indian frame work ·Advantages and Limitations ·Conclusion with present situations and future in India
Partnership is one of the oldest and is very popular form of business in India. Small businesses and professionals prefer it to any other form of business. However it requires some modifications to suit with changing requirements. Hence, there emerged a new concept called Limited Liability Partnership or LLP. The object of this article is to provid...
Partnership is very popular form of business even today. However, this form has become outdated and needs some revisions. Partnership Act is also quite old as long as of 1932. There are many limitations of traditional partnership firms which lead to emergence of LLP 1.The main limitations of traditional partnership which lead to introduction of LLP...
There has been continuous demand for LLP in India.After globalization, Indian professionals are able to serve worldwide. They cannot serve in form of company because of professional restrictions. They hesitate to form partnership due to number of aforesaid reasons.Abid Hussain Committee has recommended legislation on LLP as old as in 1997. Later on...
The incorporation procedure of LLP is very much same to incorporation of company. Before to form LLP, person has to decide about designated partners. ·Designated Partners:- Every LLP must have at least 2 designated partners which must be individuals. One of designated partner must be resident of India. Designated partner should not be confused with...
After discussing about incorporation of LLP, let us have a brief idea about administration of LLP. LLP carries on its day to day business in accordance of LLP agreement. Each partner shall be liable to contribute amount as per LLP agreement. Such contribution may consist of both tangible or intangible property and any other benefit to LLP. LLP agre...
LLP is new development in India. It is only year of its introduction. So it will be to early to conclude about relevance of LLP in our country. The entire provisions are based on foreign law with some modifications. Hence, it will be necessary to redraft some provisions to give them Indian touch. It is getting popularity gradually. We may expect th...
Limited Liability Partnership (LLP) has become a preferred form of organization among entrepreneurs in India. An LLP incorporates the benefits of a partnership firm and a company. As the name suggests, an LLP is a partnership firm established by a minimum of two partners who enter into an LLP agreement.
Jun 20, 2023 · An LLP’s advantages include limited liability protection, flexibility in management and ownership, tax benefits, and increased credibility. On the other hand, some disadvantages of an LLP include higher formation and maintenance costs, unlimited liability for some partners, limited access to capital, and not being suitable for all businesses ...
