An LLP or limited liability partnership is the partnership between the partners of the company having limited liabilities. In a limited liability partnership, partners of the company are not liable for the negligence or misconduct of the other partner. LLP registration is enacted by the legislature under the Limited Liability Partnership Act, 2003 with an objective to introduce a type of business organization that is easy to manage and still have all the benefits of better credibility and limited liability. Basic features of LLP registration
How to start a Limited Liability Partnership?
There are some specific steps you need to follow to start a limited liability partnership. If you require assistance at any step of the process, you can contact our legal advisors at Enterslice. Step 1: Choose a Name Before starting any company it is important to decide an appropriate name for it. Make sure you choose a name that can be easily distinguished from the other business of your state. Other than that, many of the states demand inclusion of limited liability partnership or LLP at the end of your company name. Step 2: Draft an Agreement for Your Company It is highly recommendable to draft an agreement before starting a Limited Liability Partnership Firm. It defines the roles and responsibility of all the partners along with the assets and liability limitations of each and every partner. The agreement should also cover all the points related to the distribution of profits and loss, capital contributions, etc. Step 3: File for LLP Registration It is mandatory to file for a registration certificate to build up a limited liability partnership firm. For this, you can hire our legal Enterslice advisors that can help you from tip to toe to get a registration certificate within very few days. You require the following documents for the LLP registration:
All these steps are needed to follow to start up a limited liability partnership firm in India. A partnership deed is an optional document, but the LLP registration certificate is mandatory to operate an LLP business in India.
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