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That’s correct! The Limited Liability Partnership (LLP) Act, 2008, introduced LLPs in India, providing a hybrid structure that combines the benefits of both partnerships and companies. One of the key advantages of an LLP is the limited liability protection it offers to its partners.
A Limited Liability Partnership (LLP) is a business structure that combines elements of both partnerships and corporations. Here are some key features:
Separate Legal Entity : An LLP is a separate legal entity from its partners. It can own property, enter into contracts, and sue or be sued in its own name
Flexibility in Management : Unlike a corporation, an LLP allows partners to manage the business directly, providing flexibility in operations
Tax Benefits : LLPs often benefit from pass-through taxation, where profits are taxed at the individual partner level, avoiding the double taxation that corporations face
An LLP is a hybrid business structure that combines the benefits of a partnership and a company. It offers limited liability protection to its partners and has a separate legal entity status.
A minimum of two partners is required to form an LLP. There is no upper limit on the number of partners.
The registration process typically takes about 15-20 working days, depending on the timely submission of documents and approvals from the Ministry of Corporate Affairs (MCA).
Yes, an LLP can be converted into a private limited company or a public limited company by following the procedures laid out in the Companies Act, 2013.
An LLP is required to audit its accounts only if its annual turnover exceeds ₹40 lakhs or its contribution exceeds ₹25 lakhs.
Yes, foreign nationals can be partners in an LLP, subject to compliance with the Foreign Exchange Management Act (FEMA) regulations.
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