Limited Liability Partnership (LLP) has become a preferable form of organization among entrepreneurs as it incorporates the benefits of both partnership firm and company into a single form of organization. The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. The LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership

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1. Separate Legal Entity

1. They are a separate legal entity from their   Members.
2. They have the benefit of limited liability for their Members.
3. They are taxed as a partnership.
4. They have the organisational flexibility of a partnership.

Features of LLP Registration In India

5. LLP agreement between the Members governing the operation of the LLP is a private document which is confidential to the Members.
6. They must have at least two “designated” Members.
7. They have the ability to create floating charges.

Features of LLP Registration In India

8. It is a body corporate with separate legal entity from its partners. The mutual rights and duties of the partners of an LLP are governed by LLP Agreement.
9. LLP is liable to the extent of its assets. Partner’s liability is limited to the extent of agreed contribution (capital) in the LLP Agreement.1. Proof of Registered Office


1. Separate Legal Entity

An LLP is a separate legal entity. This means that it has assets in its own name and can sue and be sued. Furthermore, one partner is not responsible or liable for another partner’s misconduct or negligence.

2. Flexible agreement

The partners are free to draft the agreement as they please, with regard to their rights and duties.

3. No Owner/Manager Distinction

An LLP has partners, who own and manage the business. This is different from a private limited company, whose directors may be different from shareholders. For this reason, VCs do not invest in the LLP structure.

4. Limited liability

The liability of partners is limited to extent of his / her contribution to LLP.

5. Fewer compliance requirements

An LLP is much easier and cheaper to run than a private limited company as there are just three compliances per year.

6. Easy to Wind up

Not only is it easy to start, but it’s also easier to wind-up an LLP, as compared to a private limited company.

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