A Limited Liability Partnership or LLP is a legal business form in India to start a business. It's formed by two or more people and has many benefits that are explained in this article.
A limited liability partnership (LLP) is a business structure that combines the features of a corporation and a partnership. LLPs are popular in many professional services businesses, such as law and accounting firms. They offer the limited liability protection of a corporation with the flexibility and tax advantages of a partnership.
Starting an LLP is relatively simple and can be done online. You'll need to register your business with the Register or Start a Limited Liability Partnership Online in India and obtain a Certificate of Incorporation. Once you have your Certificate of Incorporation, you can start doing business as an LLP.
There are some key advantages to starting an LLP:
Limited Liability: One of the biggest advantages of an LLP is that the partners have limited liability for the debts and liabilities of the business. This means that each partner is only responsible for their own actions and not liable for the actions of the other partners. This protection is similar to that offered by a corporation.
Flexibility: Another advantage of an LLP is that it offers more flexibility than a corporation. For instance, there's no requirement to have board meetings or hold annual shareholders' meetings. This makes LLPs ideal for businesses that are run by a small group of partners.
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