LLP Registration is the process to incorporate a Limited Liability Partnership. It is a business entity governed under the Limited Liability Partnership Act, 2008. A minimum of two partners are requirements for its incorporation in India.

If you intend to do business safely, you need to protect your personal assets. However, if you choose the traditional limited company to keep your assets away from your business, you lost the aspects of a partnership firm. So, is there a way to retain the benefits of a limited company while existing as a partners firm? Yes, there is. 

Let us explain limited liability partnership to you.

Limited Liability Partnership is a form of business entity that is seen as a partnership.

However, it does have the limited liability perk protecting the assets of the LLP owners. Introduced by the Limited Liability Partnership act of 2008, it is the most popular form of business infrastructure after a company. In order to establish it, you need to go through LLP registration in India.

Being Limited Liable is not the only way that an LLP differs from a partnership. In a partnership firm, if one partner does something wrong, both the partners are held accountable. However, one of the major benefits of LLP registration in India is that one partner’s misconduct isn’t going to affect the other partner.

The other features of LLP are as follows:

1. It is a separate legal entity from its members
2. Members have access to limited liability
3. An LLP is more flexible than a partnership.
4. It requires at least two designated members.
5. It comes under the Limited Liability Partnership Act of 2008.

What are the benefits of LLP Incorporation in India?

Incorporating a Limited Liability Partnership in India has the following perks:

1. Ease of Incorporation:LLP Incorporation is an easy process. The documents required to establish it aren’t many and the business complexities aren’t severe. All these factors contribute to LLP being the first choice for veteran business owners.
2. There is no minimum capital requirement: You can start an LLP with minimum capital. The government of India has removed to allow entrepreneurs – both old and new – to establish this flexible business entity.

3. The cost of registration is low:The cost of incorporating an LLP partnership is low. It has been done to promote this business entity among ambitious entrepreneurs who not only seek to establish the business but also possess the capabilities to expand it. 
4. No limit to the number of partners: Perhaps the biggest perk that an LLP Limited Liability Partnership can enjoy is the non-existence of any limit to the number of partners. You can integrate as many partners as you want into your business entity. It will grant you limitless funding opportunities.
5. No requirement for compulsory audit:After you establish a business entity by following the steps for LLP company registration, you will be free from the woes of auditing. Acknowledging LLP as a flexible entity, MCA has removed any compulsory audit requirements for it.
6. Savings from less compliance: Owing to the fewer compliances, the savings you retain will be more. That factor is alone sufficient to register LLP in India.

Eligibility Criteria for Limited Liability Partnership Registration in India

• No minimum capital requirement.
• At least one designated partner of LLP should be from India.
• Minimum two people required for LLP incorporation.
• To register an LLP, you must give it a unique name.