subject: Llp Registratin:-get Complete Details Of Llp Registration In India [print this page] An LLP or a Limited Liability Partnership is quite comparable to a standard partnership except that the individual members have lower or limited liabilities to any debts that arise from the running of the business. In a nutshell, LLP offers the flexibility of partnership while operating a limited company.
Steps of LLP Formation:-
The first step in LLP Formation is finalizing a 'Deed of Partnership.' This is a legally binding agreement between the members as it elaborates the rights and responsibilities of each party.
The deed also details administrative details such as names and addresses of the members, the amount of capital that is contributed by each member in addition to individual roles and responsibilities. The agreement also mentions the changes that need to be made in case a partner intends to leave the business at any point of time.
LLP Formation does not require a Memorandum or Articles of Association. Once formed, the LLP is required to file annual returns and annual accounts with the Companies House.
For these purposes, at least two of the partners of the LLP must be 'designated members,' who would have to meet the statutory requirements pertaining to the LLP.
Two ways to incorporate a company are either through the paper process or online/electronic business formation. The paper process requires you to send a required number of documents and company details along with the registration fee to the company formation regulatory authority of your country/jurisdiction. The electronic process enables you to submit all required information and payment online, via the internet, to the registration agent of your choice. This process is quicker and enables the company formation procedure to be completed from within 3-4 days to a week. Nowadays, most of the companies in the UK, for e.g. are formed online via online company formation agents.
Business incorporation can encompass many definitions. In the US, for example, if a person wished to incorporate their home business, a sole proprietorship or S corporation would need to be filed with the State. Conversely, if you decide to incorporate a business in London, it would be known as "Company Registration" in which specific documents would have to be registered with Company House.
On the other hand, there are several types of companies in the UK such as: PLC or Public Limited Company; LLP or Limited Liability Partnership; LP or Limited Partnership; and CIC or Community Interest Company. Moreover, besides incorporation in the US, there is also LLC or Limited Liability Company which is similar in scope to its counterpart LLP.
by: chaman goyal
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