Limited Liability Partnership is considered to be the one of the simplest business structure to incorporate in India .The factors like lesser liabilities, easier compliance process and registration proceeds, LLP’S are well preferred .It comprises of the characteristics of a Partnership and also of Limited Company together. This business module was originated in India in April 2009 through the enactment of the Limited Liability Partnership Act, 2008.
LLP’s are registered in India under the Ministry of Corporate Affairs, Central Government .In an LLP, a partner isn’t held responsible or liable for another partner’s misconduct or negligence. The Partners have limited liability, pertaining to their own acts of errors. This legal entity provides for the partners to manage their business directly.
Once the LLP is incorporated, and the certificate is received .An application for PAN and TAN must be made. Simultaneously, an LLP Partnership Deed is to be formulated. The said process has to be completed within 30 days from the date of Incorporation This is a vital part in the process, as it determines the mutual responsibilities between the partners and LLP.
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