LLP Public Profile

LLP Public Profile - Limited liability partnership(LLP)

LLP Public Profile - Limited liability partnership(LLP) is a partnership in which some or all of the partners have limited liabilities, this will express the elements of partnership and corporations. In an LLP, some or all partners have a form of limited liability similar to that of the shareholder of a corporation

An LLP also contains a different level of tax liability from that of a corporation

Pros and cons of LLP, this is the world wide recognized form of business organization. And it has been introduced and implemented in India by way of Limited Liability Partnership Act, 2008. This Limited Liability Partnership popularly known as LLP. This LLP is the combination of Partnership and corporation into a single form of organization. I has many advantages and those are explained below

Limited liability:

Main benefit of trading / doing business via LLP is the limited liability conferred upon the partners. The Chances of the business failing will affect the assets of the partnership business or sole trader is more. But in LLP, business failures are not under the entrepreneur’s control. So, in LLP id pivotal to secure the personal assets of the business

No Audit advantage:

Audit is not necessary while we are using the LLP. But audit is required while the turnover is exceeding 60laks

Taxation

LLPs tax payment is lower than that of companies, which pay a 33.99% tax on profits.

Other Important Advantages

  • LLP needs the low cost of formation.
  • It allows less statutory compliances.
  • It reduces the requirements statutory records
  • This is mostly acceptable and renowned form of business worldwide.
  • Capital contribution is not compulsory
  • Any number of partners can be allowed.
  • Corporate also can be a partner of an LLP
  • Less interference with Government
  • And also easy to dissolve
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    Why should you register with Muthirai?

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    You can not avail the ISO 9001:2015 standard if you don't have a registered organization, and will not be considered eligible for international trade. In such a scenario, Muthirai comes to your aid. Our Chennai based organization has years of experience and an impeccable success rate. Hence, we can help you to get ISO standards and will perform all the necessary work to make your company credible.

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