Limited Liability Partnership
Limited Liability Partnership (LLP)
Limited Liability Partnership (LLP) firms are increasingly gaining importance in recent times as they offer advantages of both partnerships and corporations. As the name states it all, a Limited Liability Partnership may be formed with one or more partners, however, the liability of the partners shall be limited.
With the benefit of providing limited responsibility for each partner, the firm also acts as a separate legal entity like any other Company registered under the Companies Act.
This form of organization came into existence with the Limited Liability Partnership Act, 2008 and is most suited for small and medium scale enterprises.
Key Features of an LLP
Hybrid type of establishment
LLP furnishes the flexibility of a partnership firm and legal status of a corporate. Since the liability of the partners is limited and not joint (as in case of partnership firms), an LLP is a body separate from its partners. The firm has a perpetual succession and is capable of taking its own decisions or sue or get sued like any other corporate.
Partners and their duties
There is no restriction on the number of partners, however, the minimum requirement of partners for establishing a Limited Liability Partnership UK LLP is two. Although, the Act does provide for a situation where only one partner is left and states the obligations and responsibilities of the same.
Dissolution/Closure
Circumstances and rules for winding up of a Limited Liability Partnership UK LLP are also laid down in the LLP Act of 2008. The dissolution may either be voluntary or by the Tribunal.
Formation from existing firms
Section 55, 56 and 57 of the Limited Liability Partnership Act 2008 provide for conversion of a firm, a private company and an unlisted public company into a Limited Liability Partnership Firm respectively. From the date of issuance of Certificate of Registration, the effects an LLP as per act shall be applicable to the firm.
Registration
Upon compliance of all requirements as stipulated by the Act, the Registrar of Companies of the state where an LLP is proposed to be established, shall issue a Certificate of Registration. This certificate shall provide the evidence of the formation of the firm with the details specified therein.
Accounting
As per the prescribed standards, the form shall maintain its books of accounts on an annual basis at its Registered Office. These accounts shall be audited as per rules and regulations governing the same.
LLP Services: Pre- Registration
We provide a complete solution to our clientele, starting from the proposal to obtaining the Certificate of Registration. Our package for Pre-Registration of limited liability company UK LLP includes:
- Full check list of requirements and deadline reminders via email/phone/text
- Expert advise on the procedure
- Personal assistant assigned to each individual proposal
- Guidance on the process post obtaining Certificate of Registration
LLP Services: Post- Registration
Our Company believes in servicing our customers to the highest level of satisfaction. To attain this objective, we have devised a bundle of services required by limited liability company UK LLP post registration. These services, which can be used individually or in a consortium on need basis are elaborated below:
- Software to ease the maintenance of accounts
- Filing and timeline reminders by a qualified proficient
- Assistance in conducting Audits
- Providing Tax assistance with a dedicated accountant
Frequently Asked Questions
With the growing entrepreneurial opportunities, a need was felt in the business space to provide the benefits of a partnership firm and a limited company, especially for small set ups. Hence, this concept of LLP came into existence.
The contribution made by each partner could be in the form of money or tangible assets or any form as specified in the LLP agreement.
Any foreign firm may establish a place of business in India according to the rules of the Central Government. An LLP is no exception to the same.
The LLP act 2008 provides for merger, acquisitions of and by an LLP. The process may be carried out in compliance with the provisions of the act.
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