Annual Compliances for LLP in India

Need of LLP

When we invest our money we always think that it gives more benefits with less risk in the same way when we plan to start our business we always chooses that medium which gives more benefits in less investment and compliances. An LLP is one of the medium it gives the benefits of two entities at one time i.e. company as well as partnership. As a company it gives the corporate entity to the business and as a partnership it imposes less compliance.

Structure of LLP

Minimum two individual required to form a limited liability partnership in which one must be resident of India, they are known as designated partner and holding a DPIN (Designated partner identification number) and there is no limit on the maximum numbers of partners. Under LLP one partner is not responsible for the misconduct of other partner and their liability is limited up to the amount contributed in LLP and written as per LLP agreement. Every limited liability partnership shall use the word LLP at the end of its name.