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Incorporation of Limited Liability Partnerships (LLP) - Canest

Overview

LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.

The LLP is a separate legal entity, is liable to the full extent of its assets but the liability of the partners is limited to their agreed contribution in the LLP. Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.

We  have the experience of incorporating Limited Liability Partnership firms in Bangalore. Generally, professionals such as Doctors, Lawyers prefer LLP over Companies.

+ What is the difference between LLP and traditional partnership firms?

  • Under “traditional partnership firm”, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner.
  • Under LLP structure, the liability of the partner is limited to his agreed contribution.

+ Whether a charitable activity can be carried out under LLP?

No. The essential requirement for setting LLP is ‘carrying on a lawful business with a view to profit’.

+ How many people are required to start a LLP?

A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners.

+ Can a company be a partner in LLP?

Yes. A company can be a partner in LLP

+ Who is a designated partner?

Every LLP shall be required to have at least two Designated Partners who shall be individuals and at least one of the Designated Partner shall be a resident of India. In case of an LLP in which all the partners are body corporates or in which one or more partners are individuals and body corporates, at least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.

+ Where is the LLP to be registered?

LLPs shall be registered with the Registrar of Companies (ROC)

+ Whether foreigners can incorporate LLP?

Yes, the LLP Act allows Foreign Nationals including Foreign Companies & LLPs to incorporate a LLP in India provided at least one designated partner is resident of India. However, the LLP/Partners would have to comply with all relevant Foreign Exchange Laws/ Rules/ Regulations/ Guidelines.

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