LLP Registration in Pratap Nagar, Delhi

Through limited liability act 2008, limited liability partnership entities were introduced. The basic premise behind LLP entities was to offer easy incorporation process and limited liability to owners. LLP company registration offers the benefit of both private limited and partnership entities. The limited liability is the only difference between normal partnership and LLP company. It is the most preferred type of company for small businesses who are not willing to do huge funding.

LLP (Limited liability partnership) was introduced in India through the Limited Liability Partnership Act, 2008. The main reason behind the introduction of LLP (Limited Liability partnership) is to provide a form of business entity that means easy and simple to maintain while providing limited liability to the owners. Since its introduction LLP (Limited liability partnership) has received with over 1 lakh of registrations so far until September 2014. Limited liability is the only difference between the normal partner and the LLP (limited Liability partnership) as the name suggests. This has gained a lot of popularity because of the fact that the personal assets of partners cannot be attached to pay the firm’s liability. The main advantage of LLP (Limited liability partnership) over the traditional partnership firm is that one person is not responsible for another’s partner negligence or misconduct. LLP lags behind in the category of small businesses like One person company, private limited company, sole proprietorship, general partnership not because it will not be successful in the future, the reason is it is a new form of enterprise and hence is just explored by the entrepreneurs in the market. In LLP all partners enjoy a form of limited liability protection for the protection of each individual within the partnership similar to that of the shareholders of a private limited company. But they have the right to manage the business directly which is not there in private limited company. It is gaining popularity in metro cities like Delhi, Mumbai, Kolkata, and Chennai. Entrepreneurs in these cities are establishing LLP (Limited liability partnership) to develop their business.