Limited Liability Partnership
LLP was launched in India via the “Limited Liability Partnership Act, 2008”. The most important benefit of a “Limited Liability Partnership” is that, one partner is not liable for another partner’s misconduct or negligence. LLP is favoured by Professionals, Micro and Small businesses which are family-owned or closely-held.
Limited Liability partnership offers the benefit of “limited liability” to it’s owners and at the same time it requires very minimal maintenance. The owners of a “Private limited company” have limited liability to their creditors. And in the case of a default, banks/creditors can only sell the company’s assets and not the personal assets of the directors.
An LLP also provides “limited liability protection” to the owners from the debts of the LLP. Accordingly, all partners in an LLP enjoy the benefit of limited liability within the partnership.
LLP Registration can be done through “jitglobal.in”, which has it’s offices in Delhi NCR, Muzaffarpur, Bengaluru, Kolkata and all other Indian cities.
Why Should You Choose An LLP?
- It provides “dual advantages” of both a “Company and a Partnership”.
- No partner will be responsible for any kind of misconduct by the other partner.
- Cheaper to incorporate than a “Private limited company”.
- Limits the liabilities of it’s partners.