Limited Liability Partnership (LLP)
"LLP is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership."
Limited Liability Partnership Act, 2008 came into effect from 31st March, 2009. A Limited Liability Partnership, popularly known as LLP is a corporate structure that combines the flexibility of a partnership and the advantages of limited liability of a company, at a relatively low compliance cost. LLP is managed as per the LLP Agreement between the partners, however in the absence of such agreement LLP is governed by the framework provided in Schedule I of Limited Liability Partnership Act, 2008.
A minimum number of two partners are required for formation of an LLP and there is no restriction on the limit of the maximum number of partners. Owing to the flexibility in its structure and operations, LLP is a suitable vehicle for small enterprises and for prospective venture capitalist.
Our services include:
- Formation of LLP
- Taxability of LLP.
- Drafting of agreements between partners.
- Advising clients' pros and corns of LLP.
- Handling/ Assisting and advising annual filing of LLP.