Want to start a Business? Start as Limited Liability Partnership (LLP)

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Limited Liability Partnership (LLP) is an incorporated business organisation. It is a Body Corporate having the features of a Partnership Firm and a Limited Company. The management of LLP is defined by LLP agreement and partners have the freedom to regulate affairs of the LLP. Minimum two persons are required to register a LLP and there is no restriction regarding maximum number of members.
The major difference of it from company is in its management and administration. LLP is managed like a partnership firm based on the terms and conditions detailed in the LLP agreement, giving partners the freedom to manage their business with minimum outside interference. It also gives more flexibility as external compliances are less compared to a company. LLP can be formed by individuals and body corporate (Company, LLP or other limited liability organizations).
The concept of LLP is introduced in India in April 2009. This type of organization is very popular all over the world. In USA and Middle East countries, this type of business (known as LLC) stared functioning as early as year 1977.

LLP Registration Process:
LLP can be formed by two persons (natural or legal persons) by subscribing to the incorporation document after complying with other legal requirements. The process of registration is given below;
1. Apply for Designated Partner Identification Number (DPIN) for each proposed designated partners (Minimum 2 Individuals)
2. Apply for a name for the LLP
3. Execute and File Incorporation Document with Registrar
4. If all documents are in order, Registrar registers these documents in his records and issue’s the Certificate of Incorporation.
5. Finalize the LLP Agreement
6. After filing the other forms and agreement with the Registrar, the LLP can start its operation.

For more information visit http://companiesinn.com/companyregistrationindia



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