Limited Liability Partnership| LLP registrations [2022]-Onfiling

    Limited Liability Partnership

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    A Limited Liability Partnership (LLP) is a business entity in which one or more of the partners are personally liable to the extent of their share. As a result, it has aspects of both alliances and companies. In an LLP, one partner is not responsible or liable for the wrongdoing or negligence of another partner. 

    This is a significant distinction from an unrestricted relationship. Connect with the team of Vireza Onfiling to incorporate your Limited Liability Partnership and fill out the form below.

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    1

    Connect

    Connect with Onfiling Experts by filling up the query form as per your services requirements, our team will contact and explain you the complete process of required service in simple terms.

    2

    Submit

    As per the discussion with Experts you can submit the documents through email to the concerned person with 50% professional fees and the complete government fees for the services.

    3

    Draft

    Once your documents are submitted, our team will draft the required forms as per the documents shared and will send you back for the final review before submitting to authorities.

    4

    Complete

    Once you give confirmation our team will file the documents and give you acknowledgement. Once application is approved by authorities you will get the required certifications without any hassle.

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    FAQs

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    Under the Limited Liability Partnership Act, section 2(e) defines the word "Business" which says “Business includes every trade, profession, service and occupation”. The definition specifically excludes Manufacturing, Production etc. hence you’re advised to pursue only those activities which aren’t within the nature of Manufacture or Production intrinsically.

    Yes, a foreigner can be a partner or even a designated partner in a Limited Liability Partnership and this includes foreign companies as well. A person resident outside India or an entity incorporated outside India shall be an eligible investor for the purpose of foreign investment LLP.

    • A normal difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 2013) whereas for an LLP it might be by a contractual agreement between partners. • LLP is more flexibility and has lesser compliance requirements as compared to a company.

    For LLP formation in India, following are the forms on which partners need to sign, All the forms/formats to be printed on plain A-4 size paper and signature should be preferable with a blue ink pen.

    The LLP structure in countries like UK, USA, including various Gulf countries, Australia and Singapore is available. On the recommendation of experts who have studied LLP legislations in various countries, the LLP Act is broadly supported on UK LLP Act 2000 and Singapore LLP Act 2005. Both these Acts allow creation of LLPs being a body corporate form i.e. a separate legal entity, separate from its partners/members.

    Yes, to allow NRIs and Foreign Nationals to freely invest in businesses in India and improve foreign investment, the Government has now allowed 100% FDI in LLP under the automatic route.

    If foreign national is residing outside at the time of incorporation, the all the incorporation documents with ID and address proof of foreign national must be notarized before the notary of the country of their origin and duly apostillised.

    • Under “traditional partnership firm”, every partner is liable, jointly with all other partners and also severally for all acts of the firm done while he’s a partner. • Under LLP structure, liability of the partner is restricted to his agreed contribution. All partners aren’t liable on account of the independent or un-authorized acts of other partners, thus allowing individual partners to be shielded from joint liability created by another partner’s wrongful acts or misconduct.

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