LLP Firm Registration
A hybrid between a Company & Partnership Firm.
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LLP Registration
The Limited Liability Partnership Act of 2008 marked the inception of LLP in India. LLP is a business structure that combines the advantages of limited liability with the flexibility of a partnership. In an LLP, the legal entity is responsible for its full assets, yet the individual liability of partners is restricted. This unique structure allows the freedom associated with a partnership firm while incorporating the essential limited liability aspect of a company, ensuring that one partner is not held liable for the misconduct or negligence of another.
An LLP is not just an association of partners; it is a distinct legal entity in its own right. This separation from its partners ensures that the LLP retains its existence even in the face of partner retirements, insolvency, or unfortunate events such as the death of one or more partners. Operating as a hybrid entity, an LLP strikes a balance between the characteristics of a company and a partnership firm.
Key Features of LLP Registration
Corporate Body:
An LLP is a recognized corporate body established under the LLP Act, functioning as a separate legal entity from its partners.Perpetual Succession:
Unlike general partnerships, an LLP enjoys perpetual succession, allowing it to continue operations even in the face of partner changes or events like retirements, insolvency, or death.Separate Legal Entity:
Similar to corporations, an LLP is treated as a separate legal entity, holding full liability for its assets. The individual partners’ liabilities are limited to their contributions, and creditors of the LLP are not considered creditors of the individual partners.LLP Agreement:
Partners can create an LLP Agreement outlining their rights and duties. If not created, the Act governs their mutual rights and duties.Artificial Legal Person:
Legally, an LLP is an artificial legal person, possessing the rights of an individual, existing as an intangible entity with real, not fictional, existence.Common Seal (Optional):
An LLP may have a common seal, but it is not mandatory. If used, it requires custody by a responsible official and can only be affixed by at least two designated partners.Limited Liability:
Each partner’s liability is limited to their agreed contribution to the LLP, offering personal liability protection. Partners act as agents for the LLP, not for each other.Number of Partners:
A minimum of two partners is required, with at least two individuals serving as designated partners. At least one designated partner must be a resident of India. There is no maximum limit on the number of partners.Business Management:
Partners manage the business, but designated partners are responsible for legal compliance.Profit-Oriented:
LLPs are formed exclusively for lawful, profit-driven businesses, not for charitable or non-profit purposes.Investigation Powers:
The Central Government has the authority to investigate an LLP’s affairs and may appoint a competent authority for this purpose.Mutual Agency:
Actions by one partner independently do not make others liable. Each partner is an agent of the LLP, and individual actions do not bind others.
Pre Requirements
Corporate Body:
An LLP is a recognized corporate body established under the LLP Act, functioning as a separate legal entity from its partners.Perpetual Succession:
Unlike general partnerships, an LLP enjoys perpetual succession, allowing it to continue operations even in the face of partner changes or events like retirements, insolvency, or death.Separate Legal Entity:
Similar to corporations, an LLP is treated as a separate legal entity, holding full liability for its assets. The individual partners’ liabilities are limited to their contributions, and creditors of the LLP are not considered creditors of the individual partners.LLP Agreement:
Partners can create an LLP Agreement outlining their rights and duties. If not created, the Act governs their mutual rights and duties.Artificial Legal Person:
Legally, an LLP is an artificial legal person, possessing the rights of an individual, existing as an intangible entity with real, not fictional, existence.Common Seal (Optional):
An LLP may have a common seal, but it is not mandatory. If used, it requires custody by a responsible official and can only be affixed by at least two designated partners.Limited Liability:
Each partner’s liability is limited to their agreed contribution to the LLP, offering personal liability protection. Partners act as agents for the LLP, not for each other.Number of Partners:
A minimum of two partners is required, with at least two individuals serving as designated partners. At least one designated partner must be a resident of India. There is no maximum limit on the number of partners.Business Management:
Partners manage the business, but designated partners are responsible for legal compliance.Profit-Oriented:
LLPs are formed exclusively for lawful, profit-driven businesses, not for charitable or non-profit purposes.Investigation Powers:
The Central Government has the authority to investigate an LLP’s affairs and may appoint a competent authority for this purpose.Mutual Agency:
Actions by one partner independently do not make others liable. Each partner is an agent of the LLP, and individual actions do not bind others.
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