Limited Liability Partnership (LLP) is an incorporated business organisation. It is a Body Corporate having the features of a Partnership Firm and a Limited Company. The management of LLP is defined by LLP agreement and partners have the freedom to regulate affairs of the LLP. Minimum two persons are required to register a LLP and there is no restriction regarding maximum number of members.
Benefits of LLP
- Separate legal entity
- Limited Liability to partners
- Simple process of Registration
- Perpetual existence irrespective of changes in partners
- No requirement of audit of accounts until turnover reaches Rs.40 lakhs or Contribution Rs.25 lakhs
- Less tax as compared to company
- No requirement of minimum capital contribution
- No restrictions as to maximum number of partners
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