LLP Registration: How to register an LLP in India? Check online process
New LLP registration: LLP or Limited Liability Partnership is a popular business structure due to its limited liability feature, which ensures that partners are only liable for the amount they have contributed to the business. This shields their personal assets from business-related debts and losses. Additionally, partners are not held responsible for the misconduct or negligence of other partners, further safeguarding their interests.
Running an LLP is convenient and cost-effective as it requires only two annual compliances: filing the annual return by May 30 and the solvency statement by October 30 each year. Furthermore, closing an LLP is a relatively speedy process, taking about two to three months, in contrast to a private limited company, which can take up to a year for closure. Another advantage is that there is no mandatory minimum capital requirement, and an LLP can be established with just two partners.