LLP was announced in India by declaring the LLP Act 2008. The basic concept of launching the LLP is to provide the business entity that is simple, easy and provide the limited liability to the owner. LLP is the combination of company and partnership form into the single organization.
Legal firm is the giant in the registration process of LLP. Apart from that Legal firm provides the variety of business registration like company registration, Pvt. Ltd., etc. The normal duration required for LLP registration is 7-10 days, but it depends on government process and client documentation process.
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Features of LLP
- The partners have full authority to control the business directly likely corporate shareholder.
- Any partner is not responsible for any other partner issue.
- They should be minimum 2 partners and no limit for maximum.
- This business is mainly for profit only.
- They should maintain the annual account. If your amount exceeds Rs.25 lakh, then there should be proper auditing.
A process of LLP creation
Below is the flowchart of LLP creation.
Documents required for LLP formulation
- ID proof of partners
- Address proof of partners
- Registered office proof
- Digital signature