If you are a fast-growing company or a start-up, incorporating your company as a Limited Liability Partnership might be a good idea. Our technical expertise and legal resources can help you incorporate a LLP in India.
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Frequently asked questions.
The form used for incorporation is FiLLiP(Form for incorporation of Limited Liability Partnership) which shall be filed with the Registrar who has jurisdiction over the state in which the registered office of the LLP is situated. The form will be an integrated form. Fees as per Annexure 'A' shall be paid.
Limited liability partnerships (LLPs) allow for a partnership structure where each partner's liabilities are limited to the amount they put into the business. ... Limited liability means that if the partnership fails, then creditors cannot go after a partner's personal assets or income.
LLPs combine the operational advantages of a Company as well as the flexibility of Partnership Firms. The fee for incorporation of an LLP firm is very nominal as compared to that for Private Limited Company. The compliance requirements for an LLP are significantly lower than those for a private limited company.
Limited liability partnerships are owned by its 'members' who are referred to as 'partners'. LLPs don't have shareholders or directors, nor do they have shares. You need at least two members to set up an LLP.