Register Your Business As An LLP Company To Enjoy These Benefits

Register Your Business As An LLP Company To Enjoy These Benefits

Have You Incorporated Your Company?

Have you thought about incorporating your company? If not then you must give it a thought. There are numerous benefits of incorporating your company. But before beginning with the process have you decided which entity you are going to register your company as? There are several types of company incorporation. We suggest you go for an LLP Company.

What is LLP Company?

What is an LLP Company

Let us begin with understanding the meaning of LLP Company. LLP Company full form – Limited Liability Partnership has three keywords in it, out of those the first two are self-explanatory and the third one depicts the partnership aspect of the entity. Basically, an LLP Company is an entity that holds the traits and features of both the partnership firm and the company. 

LLP Companies in India are regulated under the Limited Liability Partnership Act, 2008. An LLP Company requires a minimum of 2 partners in order to incorporate while having no limit for the maximum number of partners. If there are more than 2 partners then there need to be 2 main designated partners out of which at least one of them should be a resident of India.

Characteristics Of LLP Company

These features make an entity an LLP Company in India.

  • A separate legal entity.
  • The liability of each partner is limited to the contribution made by the partner.
  • Low cost of forming an LLP company.
  • Decreased compliance and regulations.
  • Does not require a minimum capital contribution.
  • Minimum 2 partners required to incorporate an LLP Company.

Advantages You Can Avail Being LLP Company

  • Low-Cost Registration

The formation of an LLP Company does not require much investment. In comparison to other companies, the cost of registering an LLP Company is lower than others.

  • Less Compliance

An LLP Company follows a lesser compliance burden and requires to submit just a couple of statements viz. Annual Return and Statement of Accounts & Solvency.

  • Limited Liability

Limited liability of the partners involved. It is limited to the contribution made by the partners. The partners are not liable personally for any losses incurred but are limitedly liable for the contribution made by them.

  • Doesn’t require a minimum capital contribution

A minimum capital contribution is not required for an LLP Company. It can be started without any minimum capital.

  • Separate Legal Entity

An LLP is a separate legal entity and is distinct from its partners. The signing of contracts happens under the name of the LLP which increases the trust of stakeholders. It also ensures that only the name of LLP is used even when sued.

  • Taxation
    There are certain tax benefits for an LLP Company in India.

Thinking Of Limiting Your Liabilities?

You must be thinking about registering your business as an LLP Company. Wondering how to go about it? You can easily register your company as an LLP with Egniol Services. All these benefits are just a call away. 

We at Egniol provide services to small and medium-sized businesses for their growth and developmental needs. Egniol is the one-stop solution for all your business needs. Contact us to apply for the registration of your business as an LLP Company. 

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