Compliance-Limited Liability Partnership

The term compliance describes the ability to comply with orders, set of rules, or requests.

Compliance-Limited Liability Partnership

A limited Liability Partnership means a business where minimum two partners are required and there is no limit on the maximum number of partners. The liabilities of the partners are limited up to the extent of Capital contribution done by each partner in LLP.

LLP is an alternative corporate business form that gives the benefits of limited liability of a Firm and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. The LLP is a separate legal entity, liable to the full extent of its assets but liability of the partners is limited to their agreed contribution to the LLP.

Once registration of the firm as Limited Liability Partnership, the firm is liable to comply the various compliance under LLP Law and Income Tax Law as well.

The term compliance describes the ability to comply with orders, set of rules, or requests.

Mandatory Compliances

We have elaborated below such compliances which a private limited Firm has to mandatorily ensure:

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Frequently Asked Questions

Q: What is the eligibility of designated partners/partners in an LLP?

Ans: Any individual, or even a Firm or an LLP, can become a partner. However, only an individual can become a ‘designated partner’ in an LLP.

Q: What is an LLP agreement?

Ans: An LLP agreement is made between the partners and the LLP regarding the relationship between the individual partners in the LLP. An LLP agreement usually consists of management policies, the inclusion of new partners, policy-making strategies, and so on.

Q: What kind of start-ups commonly register LLPs?

Ans: Typically, only start-ups that will not be looking for venture capital funding register LLPs. This is because venture capitalists only invest in private and public limited companies.

Q: I am an NRI. Can I start an LLP business in India?

Ans: Yes, non-resident Indians and foreign nationals who are willing to enter into an LLP partnership can do so, provided they submit the necessary documents after getting them notarized by the concerned authorities. Although, at least one of the designated partners in an LLP should be an Indian national.

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