The limited liability partnership also known as llp registration online offers the benefits of a limited liability corporation as well as the flexibility of the partnership. The LLP can continue to function regardless of the change in its partners. The llp registration is able to contract and manage assets under its own name.
A legal entity that is distinct that is the LLP is responsible for its assets completely, but the responsibilities of its members are limited to the amount they agreed upon for investment. Since no one partner is responsible to the conduct of colleagues, the partners are not liable in the event of the conduct of a partner's business that is illegal or other misconduct.
The Limited Liability Partnership Act, 2008 regulates LLPs. Every Limited Liability Partnership in India has to have at minimum two partners, and two designated partners to take care of the day-to-day operation. The designated partners have to sign the consent note. The designated partner may be altered or removed after they have been given the assignment.
What are the requirements to be a Designated Partner within the LLP?
- LLP members could be Indian citizens or foreigners who reside in India.
- Every LLP should have at minimum one Indian citizen as a partner designated.
- There are no age limits for being designated partners, and those who have been identified as defaulters of payment by lenders, for example private lenders aren't eligible for the designation.
- The LLP-based model of firm allows for individuals to become designated partners. Only those who are designated partners of the LLP and not private companies such as businesses or active businesses.
What Documents Must You provide from a designated partner
- DIN of the designated partner
- Proof of address and name of the person who will be designated
- PAN of the partner designated
- Consent to be a designated partner (in Form 9)
- Details of any other partnerships/directorship, if engaged in any.
Can an LLP designated Partner Manage No Ownership?
If a business is part of the LLP with a nominated member acting on behalf of the company that is usually an indication that the designated partner doesn't own and/or contribute to capital for the LLP.
Limited Liability Partnership is a mixture of partnership firm and a company.
It has the features of both company and firm.
In LLP the liabilities of the partners are limited but in partnership the liabilities of partners are unlimited.
In today's time, the LLP registration is a very popular business option between small or medium organisation and professionals, because the burden of compliances is very low.
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