WHAT IS LLP?


Limited Liability Partnership (LLP), consortium of flexibility of partnership and the advantages of limited liability of a company at low compliance cost. In simple words LLP means body of corporate with mutually agreed agreement as like in partnership.

Essential requirement for setting up LLP under Limited Liability Partnership Act 2008, "Carrying on lawful business with a view of profit".

LLP is one of concept of body of corporate, very easy to form and close a business entity. It is separate legal entity i.e., partners and LLP has distinct from each other.

Minimum requirement for incorporating Limited Liability Partnership (LLP) is as follows:

  • Minimum requirement for incorporating Limited Liability Partnership (LLP) is as follows:
  • LLP Act does not restrict the professionals to be a member of LLP.
  • No minimum capital requirement

As like other form of body of corporate LLPs are required to file an annual filing with RoC every year. But LLP need not to do audit of the accounts if turnover less than ? 40 lacs or contribution doesn’t exceeds ? 25 lacs.



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What is LLP?

Limited Liability Partnership (LLP), consortium of flexibility of partnership and the advantages of limited liability of a company at low compliance cost. In simple words LLP means body of corporate with mutually agreed agreement as like in partnership.

What is Pvt Ltd?

Company means a voluntary association formed and organized to carry on a business. In India Company means a company incorporated under Companies Act, 2013 or Companies Act, 1956 or under any previous company law.

What is LTD?

Bass Biz suggest to entrepreneurs who are interested to do business and raise capital through various sources can kick start their business as Pvt Ltd.In India Company means a company Companies Act, 1956 or under any previous company law.

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