Process of LLP Registration in INDIA

Limited Liability Partnership (LLP), introduced in 2008, has quickly become a popular legal structure for businesses. The main aspect which distinguishes it with the General Partnership is that, as the name indicates, it limits the liabilities of its partners to their contributions to the business and also offers each partner protection from the negligence, misdeeds or incompetence of the other partners.

Partnership Firm

The concept of LLP is new while Partnership is an old concept. Each partner owns a share of the business under their partnership. This is a business structure which is less expensive and it is even more customizable. While a Limited Liability Partnership has the advantages of both Partnership and LLP as it has limited the liability of Partners.

Private Limited Company

Private Limited Company would be the most preferred form of entity for anyone looking to build a scalable business. Start-ups and growing business choose to register their company in India because it allows them to raise external funds easily, limits the liabilities of shareholders, and enables them to offer employee stock options to attract top talents. As these entities must hold board meetings and file annual returns with the Ministry of Corporate Affairs (MCA), they tend to be more credible than a Limited Liability Partnership (LLP), One Person Company (OPC), or a general Partnership Firm.