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Limited liability partnership is Separate legal entity and juristic person in the eyes of law. LLP can own property and can incur debts. Partners of LLP have limited liability and not responsible for the business losses of LLP if the business incur losses. So personal Assets of partners are in safe if something goes wrong in the business.
Unlike in traditional partnership firms, LLP continue to exist beyond the existence of its partners.
Ownership of LLP is can be transferred easily just by changing partners. Since LLP is a separate legal entity ownership can be transferred to new partner by including them in the LLP.
LLP is easy to manage and Tax Audit is not required if the turnover of the LLP is less Rs 40 lakhs and with capital less than Rs 25 lakhs. LLP is most ideal for small enterprises.