A Limited Liability Partnership has many advantages compared to a private limited company or public limited company. Here are 8 benefits of registering a limited liability partnership:
In a Limited Liability Partnership (LLP), no single partner is responsible for the misconduct of another partner. The personal liability of any individual partner arising from any incompetence is limited only to the cash contributions made by that partner.
2.Reasonable Formation Costs
The cost of incorporating an LLP is much lesser compared to a private or a public company. The cost of Limited Liability Partnership online registration is also very reasonable.
3.Relaxed Statutory Compliances
The statutory compliances for an LLP are more relaxed compared to private limited companies. It makes it easier for entrepreneurs to concentrate on their business than on compliance formalities.
4.Relaxed Auditing Forms
An LLP firm is not required to legally audit its books unless the annual turnover is above Rs. 40 lakhs.
5.Unlimited Registered Partners
You can have any number of parters in a LLP company. It helps in the division of liabilities, so each partner only has to carry a limited burden. Public companies can also be partners with an LLP.
When compared to a private company, LLP has minimal government intervention and compliances to follow.
7.Simple to Dissolve
The dissolution of an LLP is much simpler as there are fewer procedures involved. It can either be done voluntarily or by Order of the National Company Law Tribunal or by declaring the LLP as defunct.
8.No Minimum Capital Contribution Norms
There is no mandatory capital requirement on the minimum capital contribution by partners.
If you are looking for LLP registration in Bangalore or Limited Liability Partnership online registration, Legalsyne provides the assistance you need. We offer end-to-end registration services designed to deliver quick and customised business solutions for your needs.