The Limited Liability Partnership (LLP) have a minimum of two partners. There is no restriction as to the maximum number of partners in a LLP. Every LLP should have at least 2 designated partners and at least 1 should be resident in India.
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Limited Liability Partnership
Limited Liability Partnership
Who Can Be Partner In LLP
- An individual
- Indian private and / or public company
- Foreign company
- Any other LLP
- LLP registered outside India
Who Cannot Be Partner In A LLP
- A corporation sole
- A co-operative society
- Any other person not specified in above Para on ‘who can be partner in LLP’
Who Can Be Partner In LLP
- Easy and less expensive formation
- Flexibility in management
- No requirement of any minimum capital contribution by partners.
- No restriction as to maximum number of partners.
- LLP is a separate legal entity.
- Partners are not liable for acts of other partners.
- Low Compliance cost.
- No exposure to personal assets of the partners except in case of fraud.
- Less requirement as to maintenance of statutory records.
- Less Government Intervention.
- Easy to dissolve or wind-up.
- Professionals can form Multi-disciplinary Professional LLP, which was not allowed earlier.
- No requirement as to Minimum Alternate Tax as on Date.
- Taxation of LLPs