Following information of proposed designated partners and partners:
Minimum Two People:
Two people are needed to register the LLP. However, there is no limit on maximum partners.
No Minimum Capital:
Capital in case of LLP is depending on the need of the business and contribution to partnership by partners. The Stamp Duty on the deed is based on the amount of capital.
Resident Person requirement:
One Designated partner of LLP must be from India.
Unique Name:
Name of the LLP should be unique, and it must not be same or similar to the name of any existing company, LLP or trademark which is registered or applied for.
Partners’ liability of the LLP is limited and it is limited only to their contribution by them to the LLP.
LLP is a separate legal entity and a juristic person distinct from its partners and both can sue each other and be sued.
LLP continue to exist even after the death of the partner.
Regulatory compliance are very less in case of LLP as compared to company form of entity.
LLP enjoys the right to own, enjoy and transfer property. The rights can be exercised by the LLP in its own name.
There is no audit requirement up to turnover of less than 40 Lakhs and capital contribution of less than 25 Lakh.
The ownership of a LLP can be easily transferred to another person. However, transferee should be inducted as a Designated Partner of the LLP.
Both Partners & LLP can give loan to each other. There is no dividend tax in case of LLP.
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