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Welcome! I’m Deeksha Khurana, your trusted consultant at Taxlegit. Today, we’re diving into the world of Limited Liability Partnership (LLP) registration. If you’re considering forming an LLP, you’re making a wise choice. Let’s explore what it entails and how I can help you through the process.What is a ?A Limited Liability Partnership (LLP) combines the benefits of a corporation and a partnership. It protects your personal assets while allowing for operational flexibility. This structure is ideal for professionals such as lawyers,... more
Introduction When a layman intends to start a business, it is often unclear to him which business form is best for the new business entity. The two most common business form an entrepreneur selects is Private Limited Company and Limited Liability Partnership. These are 2 different concepts governed by Indian corporate law. A Limited Liability Partnership is a corporate body that is constituted under the Limited Liability Partnership Act, 2008. The LLP enjoys perpetual succession and functions as a separat... more
Introduction The PEO and EOR both are different terms with a different meanings. A professional employer organization (PEO) is a co-employment human resources outsourcing structure that handles employee-related obligations and liabilities. On the other hand, employer of records (EOR) can help your business to grow globally. If you’re thinking of starting a business either in India or abroad. These services can benefit you in many ways, such as they will hire the best employees, manage all the functions of human... more
Key changes introduced in LLP (Amendments) Rules, 2022
A. New web-based forms for the formation of LLP The LLP Amendments, 2022 have made all the LLP forms as web-based forms. Now, the LLP incorporation process should only be completed through web-based forms, just like the SPICe Plus Forms are for the incorporation of companies. The most significant modification brought by this amendment is that now every LLP is required to include Latitude and Longitude in the Address Block. The Digi Locker Databas... more
Introduction Many individuals desire to become their own boss and gain freedom by starting their own businesses but it requires a lot of effort to do so. Limited Liability Partnerships are the right choice as it provides the features of the company structure and partnership firm. Incorporating your business as LLPis a very simple process as it consists of 5 steps. Keep reading this blog and you will get to know the process of incorporating a new LLP. What is a Limited Liability Partnership? A L... more
Introduction LLP stands for Limited Liability Partnership firm. It is an alternative business form that offers limited liabilityprotection like all other business structures and the flexibility of a partnership. There is no impact on this type of business, when there is any change in the partners arrangement in the firm. This dynamic structure is rapidly becoming a common form of business formation for many individuals. Even in nations like the United States, the United Kingdom, Australia, and German... more
Introduction The Limited Liability Partnership (LLP) is a hybrid form of business where LLP enjoys the benefit of partnership and Private Limited Companies. The partners of LLP are only liable for the portion of shares they own and no partner is responsible for the carelessness and wrongdoing of the other partner. The most important question is - How do partners of Limited Liability Partnership(LLP)receive income? The answer to this will be discussed in this blog. What is a Limited Liability Partnership (LLP)? ... more
Introduction LLP stands for Limited Liability Partnership. It is a hybrid corporate business form that gives the benefits of both limited liability like a company and flexibility of a partnership. As per Limited Liability Partnership(second Amendment) Rules, 2022, an LLP can be incorporated with 5 designated partners instead of 2 designated partners (without DIN). The registration process and other regulations are governed by the Limited Liability Partnership Act, 2008. In this blog we will discuss the re... more
