Limited Liability Partnership

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Limited Liability Partnership

Limited Liability Partnership (LLP) is a form of business entity that combines the flexibility of a partnership with the limited liability protection of a corporation. When registering and operating an LLP, certain information should be included. Here is a general outline of the content typically associated with a Limited Liability Partnership.
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  • The Limited Liability Partnership Act of 2008 and the Limited Liability Partnership Rules of 2009 both serve as the legal framework for limited liability partnership. The Limited Liability Partnership Rules, 2009 provides administrative guidelines for the establishment of limited liability partnerships, as well as their management, reconstruction, and eventual dissolution.
  • Compared to a company, the legal compliance requirements for a limited liability partnership are significantly less stringent. When operating a company, it is necessary to keep a number of registers, minutes, and other types of records. However, a limited liability partnership is exempt from this requirement. However, there are compliances that have an annual or even-based nature, and the limited liability partnership is responsible for ensuring that it complies with these compliances. In the following paragraphs, we are going to discuss the compliance requirements that have been outlined.
  • As soon as a limited liability partnership (LLP) is incorporated, it is required to fulfill certain mandatory compliance requirements in order to maintain its legal status. If a Limited Liability Partnership (LLP) cannot meet these requirements, it may be subject to significant fines. Let’s take a look at the important compliance requirements that a Limited Liability Partnership (LLP) in India needs to follow after it has been registered.

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