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LLP Registration

LLP Registration

Limited Liability Partnership or LLP is a partnership in which partners or shareholders have limited liabilities. LLPS limit the liability to protect an individual’s personal assets; however, it is important to note that this doesn’t indefinitely shield a company from the seizure of personal assets but it does ensure that an individual is only liable for their own actions and not of the partners.

Both Limited Liability Partnership and Limited Liability Corporation protect individuals if business creditors come prior to the personal assets. However, they offer different degrees of protection against liabilities.

An LLC can be formed by one person while there need to be at least two individuals to form an LLP. To start an LLP, there is no requirement for minimum capital.

Within the framework ofan LLP, each partner holds authority regarding decisions to be made; signing cheque, binding decisions, etc. A partnership agreement is required to decide how the business will be run, whether by a committee, deciding on a ‘general manager’, a delegation of different fields, etc.

With an LLP:

  •    The internal structure organization is more flexible

  •    There are no upper limits to the number of partners

  •    The utilization of funds depend solely on the partner's wills

  •     It is exempted from the Dividend Distribution Tax.

It is a service every company should look into, established or upcoming and we are here to help you with it.

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