Ryot Associates provide LLP registration in Coimbatore, Tirupur, Erode, Namakkal, Chennai and all other places in Tamilnadu. Traditional partnership form of business has an unlimited liability. Liability of partners in the firm is unlimited, which means liability of the business may extended rights up to the personal assets of the partners. To solve the above problem in traditional partnership a concept of Limited Liability partnership emerges by way of the Limited Liability Partnership Act, 2008.
LLP is one of the easiest forms of business to incorporate in India with Limited Liability. LLP is mostly preferred by professionals and small micro businesses. There is no minimum capital requirement to start LLP.
Advantages of Limited Liability Partnership
Liability of partners of the LLP is limited only to their contribution by them to the LLP.
Separate Legal Entity
The LLP is a separate legal entity. Which means it is operated by its own name. The main advantage is that the one partner is not liable for another partner’s negligence. LLP is distinct from partners both can be sue each other.
No Audit requirement
LLP doesn’t have any audit requirement when turnover up to Rs. 40 Lakhs and contribution is less than 25 Lakhs.
Statutory compliance are very less when compared to the companies.