Differences between Limited Liability Partnership (LLP) and Partnership

LLP and Partnership Firm are both the types of business formations through which Partnership business can be done. LLP is a new concept while Partnership is an old concept. LLP and Partnership are different as Partnership is an old concept while LLP is a newly established concept introduced in India by Limited Liability Partnership Act, 2008. Under the partnership, each partner owns a share of the business. This is a business [...]

How to close LLP in India?

Introduction LLP or Limited Liability Partnership is a partnership (generally in a business) in which all the members (partners) have limited liabilities. Generally, an LLP is set up under legal terms and documents. There is a defined procedure as to how you can register your LLP. There are certain benefits to be in an LLP but like everything, it has its own disadvantages too. Sometimes, it so happens that people are confused as to [...]

Advantages of Limited Liability Partnership

The advantages of LLP in India are much as it is a newly growing business structure. LLP is a new concept while Partnership is an old concept. LLP and Partnership are different as Partnership is an old concept while LLP is a newly established concept introduced in India by Limited Liability Partnership Act, 2008. Advantages of LLP includes both the advantages of Partnership as well as a Company asit have the ingredients of [...]

LLP conversion to Private Limited Company

Introduction Whether you want to start as an LLP or private limited company depends upon the objective, scope and capital and sale of the business entity. LLP is recommended when the capital amount is less than 25 lacs and sales turnover is more than 40 lacs. In such cases, LLP is not required to audit their statements and other compliance obligation and thus reduce cost. If LLP crosses the sales turnover [...]

All about LLP Agreements

Introduction LLP Agreements mean a written agreement between the partners of the Limited Liability Partnership (LLP) or between the LLP and its partners which establish the rights and duties of the partners toward each other as well toward the LLP. It is a body corporate created by law. As per the LLP law, any two persons can incorporate an LLP by subscribing to the incorporation documents. Once an LLP is [...]

Conversion of Partnership into LLP or Private Limited Company

Introduction Partnership, Limited Liability Partnership, Private Limited Company, One Person Company, Sole Proprietorship, Public Company. A country like India gives you wide options when it comes to business. As an Entrepreneur, you have the choice to select between these forms of business. But before choosing you need to know the pros and cons of all these forms. You need to see which form will benefit you and your business the [...]

Comparison between LLP and Private Limited Company

Introduction When Entrepreneurs start their new business, there is a common confusion between which form of business will be best for them. Which will benefit them more. Which type will  provide the best environment for their business to flourish. What factors do they need to consider? Questions like these are not only common but very important too. You need to know the difference between all the types. You need to [...]

Limited Liability Partnership (LLP) Annual Return

Introduction A Limited Liability Partnership Annual return or LLP annual return is basically a summary of details of Partners and Designated Partners and changes among them annually. An LLP is required to file the Annual Return with the Registrar of LLP (Form 11) within 60 days of closure of its financial year. An LLP has to close its financial year on every 31st March. So, the Annual Return is to [...]

Conversion of Company into LLP

Introduction Conversion of company is a sort of issue because LLPs have a certain amount of benefit over other companies. They are as follows- The internal structure of an LLP can be easily handled in comparison to that of other companies. The maximum limit of shareholders is not limited in an LLP. The LLP can have any desired number of shareholders. However, the maximum number of shareholders is fixed in [...]

All about Limited Liability Partnership (LLP)

Introduction Limited liability partnership is a combination of both partnership and corporation. It has the feature of both these forms. As the name suggests partners have limited liability in the company which means that personal assets of the partners are not used for paying off the debts of the company. Nowadays it has become very popular form of business as many entrepreneurs are opting this. There are a number of [...]