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A LLP which is also known as Limited Liability Partnership is a type of a partnership the partners have limited liabilities. In other words, an LLP is a type of a partnership in which the misconduct or negligence of one partner doesn’t hold other partners liable. The name also coveys this since it holds the phrase ‘limited liability’.
The Limited Liability Partnership Act, 2008 when brought forth introduced the concept of Limited Liability Partnership and since then LLPs are governed by this law which is called Limited Liability Partnership Act, 2008. The objective of introducing this was to provide a form of business which is pretty easy to maintain and also provides owners with limited liability towards each other.
A Limited Liability Partnership provides the owners limited liability towards each other and towards the creditors just as in a Private Limited Company thus providing them with the benefits available to shareholders and at the same time also lets the owners manage their business in a flexible manner by reaching an agreement through mutual discussion and consent, just as in a Partnership firm. LLP has become a preferred form of organization among the entrepreneurs and is most suitable for small and medium-sized enterprises or MSMEs.
We at Company vakil help you register a Limited Liability Partnership firm from Jaipur. Jaipur, more popularly known as the pink city got this nickname due to the presence of an elegant monument known as Hawa Mahal (Palace of Breeze). Built with pink and red sandstone, the palace was constructed by Maharaja Sawai Pratap Singh in 1799. Lal Chand Ustad was the man or chief architect behind this beautiful piece of art. The palace is known for its name because it has 953 windows (aka jharokhas). These windows were made in such a manner so that the royal females could attend day to day activities without been seen in the public (the purdah system).
The process of Limited Liability Partnership registration in Jaipur is pretty similar to that of Private Limited Company registration except with a few minor changes. The exact process for doing a Limited Liability Partnership registration in Jaipur with the steps involved is:
There are certain basic requirements which a Limited Liability Partnership needs to fulfill in order to become a registered Limited Liability Partnership. They are:
All the documents are required only in the scanned form. You can attach the document in the form after the payment or e-mail it to us on firstname.lastname@example.org. Feel free to get in touch for any query. Following documents need to be submitted for the registration of a Limited Liability Partnership in Jaipur:
The registration process of the Limited Liability Partnerships comes with a number of advantages and benefits for the LLP and its partners. These are:
This is a Limited Liability Partnership which is a Mix of Both Private Limited Company and Partnership Firm. Into the LLP a Partner’s Liability is limited by the Amount of his Share.
There is no Maximum Limit of Partners but a minimum of 2 partners are needed to be defined to incorporate an LLP.
Any individual, or an LLP or even a company, can become a partner. However, only an individual can become a ‘designated partner’ in an LLP.
Only those start-ups which will not be looking for venture capital funding register LLPs. This is because venture capitalists only invest in private and public limited companies.
Yes, after the NRI has been assigned with DIN/DPIN he can be designated as a partner in any kind of LLP Registration in India . However, at least one designated partner in LLP must be a Resident of India.
You can register LLP at your residential address. It is perfectly legal to start the company at your home or in your garage or at any place of your home. MCA team typically doesn’t visit your office. You just have to provide your home address proof such as rent agreement or electricity bill.
A salaried person can become a partner in an LLP. You need to check your employment agreement if that allows for such provisions. In most, cases employers are comfortable with the fact that their employee is a director in another company.
It will be valid until it is officially closed down by the owners. No renewal or fees is required. However, every year LLPs have to file very basic returns with ROC office.
After incorporation.LLP office address can be changed at any time
Partnership Firm can be converted into an LLP and it has many advantages to do so, as the liability of the Partners become Limited to their Share Amount.