LLP Compliance

LLp is a combination of firm and company. LLP is a hybrid between a company and a partnership firm.

Every partner would be an agent of the LLP, but the LLP would not be bound by anything done by a partner. LLP is a body corporate with distinct legal entities and perpetual succession.

LLP is a separate legal entity. If you want to incorporate an entity where no partner is liable for the unauthorized action of the other partners, and whose liability is restricted to his own stake in the liability the choice of incorporating a LLP is best.

Llp is applicable to any trade or business.

Importance of incorporate a LLP:-

1. Easy and less expensive formation.
2. No restrictions on a maximum number of persons.
3. No requirement any of the minimum capital contribution by partners.
4. Low compliance cost.
5. Flexibility in management.
6. Liability of partner is limited except in case of fraud and negligence.
7. Less government intervention.
8. Llp is a body corporate with distinct legal entity and perpetual succession.
9. Easy to dissolve or wind-up.