Limited_liability_Partnerships


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Limited liability Partnerships

A Limited Liability Partnership (LLP) is a modern hybrid structure that blends the flexibility of a traditional partnership with the "corporate veil" protection of a private limited company. It is a separate legal entity, meaning the business exists independently of its partners.

Registration Process

Unlike a general partnership, registration for an LLP is mandatory.

Digital Signature (DSC): Partners must obtain digital signatures for electronic filing.
Name Approval: You must reserve a unique business name through the central registry.
Incorporation: Filing the incorporation documents (like the FiLLiP form in India or similar registration forms globally).
LLP Agreement: Within 30 days of incorporation, a formal agreement governing the rights and duties of partners must be filed.
Designated Partners: An LLP must have at least two "Designated Partners" (one of whom must be a resident of the country).

Advantages

Limited Liability: The biggest selling point. A partner's personal assets are protected. If the business fails or gets sued, you generally only lose what you invested in the firm.
No "Joint Liability" for Misconduct: You are not responsible for the "wrongful acts" or negligence of other partners. In a regular partnership, one person's mistake can bankrupt everyone; in an LLP, the liability stays with the person who messed up.
Perpetual Succession: The LLP continues to exist even if partners leave, retire, or pass away. It only closes through a formal legal process.
Lower Compliance than Companies: While more regulated than a simple firm, LLPs have fewer "red tape" requirements (like mandatory audits unless turnover/contribution hits a certain threshold) than a Private Limited Company.
No Minimum Capital: There is usually no requirement for a large upfront capital investment to start.

Disadvantages

ublic Disclosure: Since it's a registered entity, your annual accounts and filings are a matter of public record. Privacy is lower than a general partnership.
xit Difficulty: Dissolving an LLP is a long, formal legal process compared to the relatively easy breakup of a standard partnership.
nability to Raise Equity Capital: LLPs cannot issue shares to the public. If you plan on seeking Venture Capital (VC) or an Initial Public Offering (IPO) in the future, a Private Limited structure is usually preferred.
enalty for Non-Compliance: Missing filing deadlines can lead to heavy daily penalties, which can become quite expensive for small businesses.

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