Limited Liability Partnership

LLP  denote to Limited Liability Partnership, is a form of incorporation in India, governed by Limited Liability Act, 2008.

This is just right constitution  for Professionals like Lawyers, Architects, etc. The act was introduced in 2008.

This LLP registration gives the partners the advantage of Limited Liability and also relaxation from complexity as compared with Private Limited.

1. Minimum contribution not required: There is no minimum share capital prescribed as per the LLP Act.
2. No compulsory audit: The Maintenance and audit of books of accounts is not mandatory if the turnover is below 40 lakhs.
3. Acquire Property: As like a Private Limited Company, even LLP can acquire property in its own name.

1. Investors: As compared with Private limited, the Joint venture and investors the, attraction is low.
2. Dissolution: As compared with Partnership, the dissolution process is comparatively difficult.