Limited Liability Partnership
Limited Liability Partnership (LLP) Incorporation
The structure you're describing is commonly referred to as a Limited Liability Partnership (LLP). An LLP combines elements of both a partnership and a corporation, allowing partners to enjoy the benefits of limited liability while still participating in the management of the business. This means that personal assets of the partners are generally protected from business debts and liabilities, providing a layer of security typically associated with corporations, while retaining the flexible operational structure of a partnership.
Pros:
- Limited liability for partners.
- Flexible structure with fewer compliance requirements than a private limited company.
- Lower incorporation costs compared to a private limited company.
Cons:
- Less access to external funding compared to a private limited company.
- May have lower credibility with some stakeholders compared to a private limited company.
Document Required For Limited Liability Partnership (LLP) Registration
- Identity Proof
- Residence Proof of Partners
- Photograph of Partners
- Passport (in case of Foreign Nationals/ NRIs)
- Proof of Registered Office Address
- Digital Signature Certificate
