Limited Liability Partnership (LLP) is a kind of partnership in which partners have limited liability. It is defined in LLP that every partner has their own responsibilities and liabilities and one partner is not responsible for the negligence or delinquency of another partner.
LLP is a corporate entity which gives opportunity and prospect to its members to work with all the flexibility in effective manner. It also makes them innovative and efficient. This gives flexibility in the interior structure of the organization also like partnership. People prefer LLP most suited in several countries where LLP and limited partnerships are different. As it may allow all LLP partners to have limited liabilities while on the other hand limited partnership could require at least one partner with unlimited liabilities.
LLP registration is easy only if-:
LLP Registration Procedure
A limited liability partnership is registered with Accounting and Corporate Regulatory Authority (ACRA) of Singapore. Foreign individuals should appoint a professional services firm to handle the registration process. Even for locals, it is suggested to engage a professional services firm for LLP registration as well as drafting the partnership agreement which establishes the internal structure and profit sharing arrangement among the partners. The LLP registration procedure consists of two steps: a) name reservation; and b) registration of the entity. Under normal circumstances, an LLP registration can be completed in a single day.
Steps for LLP Registration in India: