In India LLP has been introduced according to the limited liability act, 2008 UNINTERRUPTED EXISTENCE A LLP has bonded with a concept of 'perpetual succession', that is continues its existence until it is legally dissolved. A LLP is an isolated legal entity separated from partners, and sustains its existence even after the expiry or departure of any Partner. Hence, LLP continuous its existence irrespective of change in its owners NO AUDITS A LLP has no audits if it has less than 40 lakhs (INR) of turnover and less than Rs.25 lakhs of capital contribution. So, we suggest startups and small businesses to go for LLP as they are just starting their operations and want to have minimal regulatory compliance related formalities. EASY TRANSFERABILITY The ownership of a LLP can be easily transferred to another person by inaugurating them as a Partner of the LLP. It is separated legal entity from its partners. So by switching the partners the ownership can be changed. OWNING PROPERTY A LLP being an artificial judicial person, can acquire, own, enjoy and sell, property in its name. No partner is legally eligible to claim his rights on the firm.
Following documents are required for LLP Registration:
Partners pan Card
Address Proof of the Partners
Current Bill of the proposed Registered Office of the LLP
No-Objection Certificate from the Landlord
Rental Agreement Copy
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