Limited Liability Partnerships

The Limited Liability Partnership (LLP) is an incorporated business organization, which possesses elements of both a Partnership Firm and a Limited Company. In limited liability partnership, some of its partners have limited liability like shareholders to a corporation.

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Limited Liability Partnerships (LLP)Consulting Services

The Limited Liability Partnership (LLP) is an incorporated business organization, which possesses elements of both a Partnership Firm and a Limited Company. In limited liability partnership, some of its partners have limited liability like shareholders to a corporation. However, in some countries, there is at least one partner with unlimited liability. Again, the designated partners to LLP have the right to manage their internal and external business affairs directly, in accordance with the LLP Agreement. Its every partner has its own responsibilities and liabilities, and one is not responsible or liable for any misconduct, negligence, or delinquency of other partners to LLP.

DIFFERENCE BETWEEN LLP, COMPANY AND PARTNERSHIP

	Company	Parnership Firm	LLP
REGISTRATION	Compulsory registration required with the ROC. Certificate of Incorporation is conclusive evidence.	Not compulsory. Unregistered Partnership Firm will not have the ability to sue.	Compulsory registration required with the ROC
NAME	Name of a public company to end with the word "limited" and a private company with the words "private limited"	No guidelines.	Name to end with "LLP" Limited Liability Partnership"
CAPITAL CONTRIBUTION	Private company should have a minimum paid up capital of Rs. 1 lakh and Rs.5 lakhs for a public company	Not specified	Not specified
LEGAL ENTITY STATUS	is a separate legal entity	Not a separate legal entity	is a separate legal entity
LIABILITY	Limited to the extent of unpaid capital.	Unlimited, can extend to the personal assets of the partners	Limited to the extent of the contribution to the LLP.
NO. OF SHAREHOLDERS / PARTNERS	Minimum of 2. In a private company, maximum of 50 shareholders	2-20 partners	Minimum of 2. No Maximum
FOREIGN NATIONAL AS SHAREHOLDER / PARTNER	Foreign nationals can be shareholders	Foreign nationals can not form partnership	Foreign nationals can be partners
TAXABILITY	The income is taxed at 30% + surcharges+cess	The income is taxed at 30% + surcharges+cess	Not yet notified
MEETINGS	Quarterly Board of Directors meeting, annual sharholding meeting is mandatory	Not Required	Not Required
ANNUAL RETURN	Annual Accounts and Annual Return to Filed with ROC	No Returns to be filed with Registrar of Firms	Annual statement of accounts and solvency & Annual Return has to be filed with ROC
AUDIT	Compulsory, irrespective of share capital and turnover	Compulsory	Required, if the contribution is above Rs. 25 lakhs or if annual turnover is above Rs. 40 lakhs
HOW DO THE BANKERS VIEW	High credtiworthiness, due to stringent compliances and disclosures required	Credtiworthiness depends on goodwill and credit worthiness of the partners	Perception is higher compared to that of a partnership but lesser than a company
DISSOLUTION	Very procedural. Voluntary of by order of National Company Law Tribunal	By agreement of the partners, insolvency or by Court Order	Less procedural compared to company. Voluntary of by order of National Company Law Tribunal
WHISTLE BLOWING	No such provision	No such provision	Protection provided to employees and patners who provide useful information during the investigation process.

What Manoj Jagram & Associates Offers

We offer LLP Consulting / Advisory services which are highly renowned as a one-window-solution provider for LLP Consulting services in Delhi/NCR. We offer professional assistance in getting your LLP Consulting services at competitive rates and in a short span of time. We offer following LLP Services:

Name Reservation Service
LLP Agreement Drafting Service
Annual Filing Services
Induction of New Partners and changes thereof
Companies offers following LLP Services as well.
Conversion of Firms / Companies to LLP
Conversion of LLP to Company (under Part IX of the Companies Act,1956 )
Compromise, Arrangement or Reconstruction of Limited Liability Partnerships

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