{"id":821,"date":"2019-07-19T09:17:11","date_gmt":"2019-07-19T09:17:11","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=821"},"modified":"2019-08-12T16:52:36","modified_gmt":"2019-08-12T11:22:36","slug":"limited-liability-partnerships-llp-advantages-disadvantages","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/","title":{"rendered":"Limited Liability Partnerships: Advantages and Disadvantages\u00a0"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Since 2000, Limited Liability Partnerships also known as LLP\u2019s were introduced by the Partnerships Act 2000, it became quite popular among the investors as it was formulated to provide limited liability previously which was only available for companies. LLP has been a famous business form for licensed professionals. This is especially liked by accountants, solicitors, architects, consultants, surveyors, etc. and other fields of specialists where a partnership is preferred to a limited company are business entities created by state law. Limited liability partnerships provide owners with as the name suggests with limited liability.<\/span><\/p>\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=\"aligncenter wp-image-835\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/07\/llp-advatages-disadvantages.png\" alt=\"llp advantages &amp; disadvantages\" width=\"700\" height=\"394\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/07\/llp-advatages-disadvantages.png 560w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/07\/llp-advatages-disadvantages-300x169.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/07\/llp-advatages-disadvantages-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<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-partnerships-llp-advantages-disadvantages\/#Benefits_and_Advantages_of_a_Limited_Liability_Partnership\" title=\"Benefits and Advantages of a Limited Liability Partnership:\">Benefits and Advantages of a Limited Liability Partnership:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#The_Legal_Liability_of_Partners_is_limited\" title=\"The Legal Liability of Partners is limited:\">The Legal Liability of Partners is limited:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#Roles_of_Partners_are_flexible\" title=\"Roles of Partners are flexible:\">Roles of Partners are flexible:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#Ease_of_Formation\" title=\"Ease of Formation:\">Ease of Formation:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#Multiple_numbers_of_partners\" title=\"Multiple numbers of partners:\">Multiple numbers of partners:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#Low_Registration_Cost\" title=\"Low Registration Cost:\">Low Registration Cost:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#Tax_Exemption_and_No_Audits\" title=\"Tax Exemption and No Audits:\">Tax Exemption and No Audits:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#Some_other_advantages_of_LLP\" title=\"Some other advantages of LLP:\">Some other advantages of LLP:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#Disadvantages_of_LLPS\" title=\"Disadvantages of LLP\u2019S:\">Disadvantages of LLP\u2019S:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#Non-compliance_penalty_is_high\" title=\"Non-compliance penalty is high:\">Non-compliance penalty is high:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#Equity_Investment_is_unavailable\" title=\"Equity Investment is unavailable:\">Equity Investment is unavailable:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#Higher_Income_Tax_Rate\" title=\"Higher Income Tax Rate:\">Higher Income Tax Rate:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#Some_other_disadvantages_and_problems_associated_with_the_LLP\" title=\"Some other disadvantages and problems associated with the LLP:\u00a0\">Some other disadvantages and problems associated with the LLP:\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_and_Advantages_of_a_Limited_Liability_Partnership\"><\/span><strong>Benefits and Advantages of a Limited Liability Partnership:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are several advantages of LLP\u2019S which are beneficial for entrepreneurs and they are the reason why entrepreneurs prefer LLP over .Ltd. Let\u2019s see these advantages and how they are going to be useful for you.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Legal_Liability_of_Partners_is_limited\"><\/span><strong>The Legal Liability of Partners is limited:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The partners in the LLP\u2019S have limited liability and equal responsibility of capital as per the agreed terms and will not be able to able to ruminate over the other partners&#8217; liability. The amount they invest in LLP will only be considered as their liability. In legal words, if someone sues the LLP, the partners will not be indefinitely liable for that amount. Although, this limited legal liability shield will be broken if the lawsuit stems from an intentional act of the partner.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Roles_of_Partners_are_flexible\"><\/span><strong>Roles of Partners are flexible:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The management roles for the partners are very flexible. The roles of a partner in LLP can be chosen by the partners themselves as the drafting of the agreement is done under their own consideration. This provides the role flexibility of the partners as under this structure, each partner has the right to manage the LLP and have the right to choose how much management that they want. Thus, partners role in LLP could be very active or silent. Thus, the duties and responsibilities can be self-chosen and as desired. No compulsion or restrictions could be done on a partner by other partners.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ease_of_Formation\"><\/span><strong>Ease of Formation:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The process of forming an LLP is as simple as the process for which is simple and sorted. Thus, they are relatively easy to form. Generally, the partners are required to fill out a registration form and then file it. It could be easily done and you could also opt for a consultant for smoothening the process. Opting for a consultant could eliminate the hectic of documentation and legal processes. The only thing the partners of LLP need is to provide their roles, responsibilities, financial contributions, and debts distributions according to their understanding. This is also needed to be given in writing for the registration process.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Multiple_numbers_of_partners\"><\/span><strong>Multiple numbers of partners:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Informing of LLP, one must have at least 2 members. However, there is no practical limit on the number of members whereas in a private limited company the 200. Thus, the number of owners or partners could be far much than 200 or as much you want to have. This gives an LLP a wide scope of involvement of investors who are willing to be a partner or we could say an owner.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Low_Registration_Cost\"><\/span><strong>Low Registration Cost:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As compared to a <a href=\"https:\/\/aktassociates.com\/blog\/private-limited-company-annual-filing-compliances-procedure\/\" target=\"_blank\" rel=\"noopener noreferrer\">private limited company<\/a> or public limited company the registration cost for LLP is less. This is because of the simplicity of registration process and lesser law enforcements in it. This is also beneficial as it saves money and time.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tax_Exemption_and_No_Audits\"><\/span><strong>Tax Exemption and No Audits:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes! You heard it right. Another huge advantage of LLPs is that it has a pass-through tax which helps you to avoid taxation. LLP will not be taxed as a business entity, the partners are supposed to pay only their own individual personal income taxes. So this ensures us that no dividend distribution tax is to be paid. This sounds perfect when we think about money as nobody is ever willing to get taxed twice. Also, this saves the effort of conducting a tax audit for your firm. Although, you might need to audit your LLP in the following cases:-<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1) LLP contribution exceeds Rs. 25 Lakhs, or<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2) If the LLP\u2019S annual turnover exceeds Rs. 40 Lakhs<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Some_other_advantages_of_LLP\"><\/span><strong>Some other advantages of LLP:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\">The LLP is considered to be a legal person. LLP can buy, rent, lease, own property, employ staff, enter into contracts, if necessary it could be held responsible.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">LLP\u2019s can appoint two companies as it\u2019s members. In a private limited company, at least one director must be a real person.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">You can operate LLP with different levels of management.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">You can protect the partnership name as well.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Disadvantages_of_LLPS\"><\/span><strong>Disadvantages of LLP\u2019S:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As everything has a negative side, LLP\u2019S to have it. Since we are willing to do something or going to start something then we should know its disadvantages too. This would give you a clarity of thought if you have decided to start LLP. Let\u2019s just go through it.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Non-compliance_penalty_is_high\"><\/span><strong>Non-compliance penalty is high:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As we know, LLP does not have any taxation activity but still, it is mandatory for an LLP to file an income tax return and MCA annual return each year. If an LLP fails to file Form 8 or Form 11 (LLP Annual Filing), it is penalized Rs.100 per day perform. If an LLP has not filed its annual return for a few years the penalty could rise up to lakhs as there is no capping on the penalty. This is quite noted worthy and should be remembered thoroughly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is no requirement for <a href=\"https:\/\/aktassociates.com\/blog\/gstr-9-everything-you-want-to-know-about-gst-annual-return\/\" target=\"_blank\" rel=\"noopener noreferrer\">filing an annual return<\/a> in the case of partnership or proprietorship. Hence, the only penalty that is applicable is under Income Tax Act.<\/span><\/p>\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-949 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/07\/Limited-Liability-Partnership-1.png\" alt=\"Limited Liability Partnership \" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/07\/Limited-Liability-Partnership-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/07\/Limited-Liability-Partnership-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/07\/Limited-Liability-Partnership-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Equity_Investment_is_unavailable\"><\/span><strong>Equity Investment is unavailable:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Equity or shareholding concept as like a private company does not apply in the LLP. So, in the LLPs shareholders like angel investors, HNIs, venture capital, and private equity funds cannot invest. This enforces most of the LLPs to rely on funding from promoters and debt funding.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Higher_Income_Tax_Rate\"><\/span><strong>Higher Income Tax Rate:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As stated above, the LLPs doesn\u2019t have to pay Income tax but if your LLP comes under the 2 cases of taxation as mentioned earlier then the tax rate will be higher than the private limited company or public limited company. For eg. Consider an LLP and Private limited company with similar turnover, then if the private limited company is paying 30% tax then LLP might have to pay 36% tax for the same.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Some_other_disadvantages_and_problems_associated_with_the_LLP\"><\/span><strong>Some other disadvantages and problems associated with the LLP:\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Public disclosure is the first and most annoying problem of LLP. Financial accounts of the partners have to be submitted to Companies House for the public record. The accounts may declare income of their partner which he\/she might want not to be disclosed.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All the earned profit is effectively distributed with no flexibility to hold over profit to a future tax year.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An LLP is fragile to maintain. Consider an LLP with 2 partners and if one member chooses to leave the partnership the LLP may have to be dissolved.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Residential addresses of partners were used as company address for the registration process in most of the cases. Whilst the use of \u2018service addresses\u2019 now allows for home addresses to be kept out of public view. This addressed issue was a big problem for professionals who had to deal with sensitive cases, for e.g. a solicitor who has an LLP and used his residential address for registration.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0As we have gone through the positives and negatives of the LLP. This would have given you a proper idea of LLP and it\u2019s formation. If you are going to start one of it, consider the facts and information given above before doing it. Although LLP has some disadvantages it is really advantageous in much of the cases. Especially, if your company is a small or medium scale.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks for visiting our site and reading this article. If you have any questions or confusions then, feel free to contact us. We are happy to help.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since 2000, Limited Liability Partnerships also known as LLP\u2019s were introduced by the Partnerships Act 2000, it became quite popular &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Limited Liability Partnerships: Advantages and Disadvantages\u00a0\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/#more-821\">Read more<span class=\"screen-reader-text\">Limited Liability Partnerships: Advantages and Disadvantages\u00a0<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":822,"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 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