{"id":117,"date":"2019-07-23T07:17:54","date_gmt":"2019-07-23T01:47:54","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=117"},"modified":"2019-08-24T17:25:54","modified_gmt":"2019-08-24T11:55:54","slug":"limited-liability-partnership-procedure-advantages","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/limited-liability-partnership-procedure-advantages\/","title":{"rendered":"Limited Liability Partnership (LLP) : Procedure,Advantages"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnership-procedure-advantages\/#Why_LLP\" title=\"Why LLP?\u00a0\">Why LLP?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnership-procedure-advantages\/#What_is_Limited_liability\" title=\"What is Limited liability?\">What is Limited liability?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnership-procedure-advantages\/#The_advantages_of_the_limited_Liability_registration_are_discussed_as_below\" title=\"The advantages of the limited Liability registration are discussed as below\">The advantages of the limited Liability registration are discussed as below<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnership-procedure-advantages\/#Procedure\" title=\"Procedure\">Procedure<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Why_LLP\"><\/span><b>Why LLP?\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">An LLP in India is a smart<\/span><span style=\"font-weight: 400;\"> option for professionals who want to limit their liability but want to keep a\u00a0corporate type identity.\u00a0LLP\u00a0provides A limited liability to partners, tax savings and a reduced cost of\u00a0compliance as compared to <a href=\"https:\/\/aktassociates.com\/blog\/procedure-private-limited-company-name-change\/\" target=\"_blank\" rel=\"noopener noreferrer\">Private limited company.<\/a><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1021 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Limited-Liability-Partnership-1.jpg\" alt=\"Limited Liability Partnership \" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Limited-Liability-Partnership-1.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Limited-Liability-Partnership-1-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Limited-Liability-Partnership-1-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Limited_liability\"><\/span><b>What is Limited liability?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">LL clause segregates business and business owners, It says the liability of business owners are limited to the investment made in the business. To illustrate in an unfortunate incidence if the business incurs a loss then the owner (i.e. Partners) will be liable only till the extent of their capital contribution<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_advantages_of_the_limited_Liability_registration_are_discussed_as_below\"><\/span><strong>The advantages of the limited Liability registration are discussed as below<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Comparatively Less cost of formation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lower cost of operation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Corporate Identity with<a href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0Limited liability<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lower cost of Compliance<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Easy winding Up<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/aktassociates.com\/start-a-business\/limited-liability-partnership-registration\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1020 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/LIMITED-LIABILITY-PARTNERSHIP-1-1.png\" alt=\"LIMITED LIABILITY PARTNERSHIP \" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/LIMITED-LIABILITY-PARTNERSHIP-1-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/LIMITED-LIABILITY-PARTNERSHIP-1-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/LIMITED-LIABILITY-PARTNERSHIP-1-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Procedure\"><\/span><strong>Procedure<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you want to start your business with Limited Liability Partnership, then you must get it registered under the Limited liability Partnership Act, 2008. Limited Liability Partnership registration process requires<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Application for Digital signature<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Application for Director Identification Number (DIN)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Application for Name Approval<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Drafting &amp; Signing of\u00a0Partnership Deed<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u00a0Filing of Required documents<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The issue of Certificate of incorporation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">PAN Card Application<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">TAN Card Application<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why LLP?\u00a0 An LLP in India is a smart option for professionals who want to limit their liability but want &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Limited Liability Partnership (LLP) : Procedure,Advantages\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnership-procedure-advantages\/#more-117\">Read more<span class=\"screen-reader-text\">Limited Liability Partnership (LLP) : Procedure,Advantages<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Limited Liability Partnership | Procedure | AdvantagesAKT Associates<\/title>\n<meta name=\"description\" content=\"A limited liability partnership (LLP) is a form of business in which some or all partnersas according to their jurisdiction have limited liabilities. 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