An alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership is known as limited liability Partnership (LLP). The LLP can continue its existence irrespective of changes in the partners; it is capable of entering into a contract and holding property in its own name. Mutual rights and duties of the partners within an LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be.
LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.
It is a form of business which is came into existence through the LLP act 2008. It is a form of business having separate legal entity, is liable to the full extent of its assets but the liability of the partners is limited to their agreed contribution in the LLP.
Under section 2 (68) of company act, 2013 Private company mean company incorporated under company’s act 2013 having paid-up share capital as may be prescribed, and which by its articles, —
Provided that where two or more persons hold one or more shares in a company jointly, they shall, for the purpose of this clause, be treated as a single member:
Provided further that-
It is a form of business which is came into existence through company's act. It is a form of business having separate legal entities form its promoter just like other forms of company. The main advantage of a Private limited form of company is that the financial liability of a shareholder is limited to their shares.
One person company can convert itself into a private limited company after complying with the provision led down under company law 2013.
There is the provision of conversion of existing LLP into a Private Limited Company after complying the provision led down under the act.
Advantages of Conversion;
We share the detailed and reasonable estimated costs, documents and prerequisites for the complete process before starting the process to ensure transparency.
Our team warrants hassle free documentation. We collect the necessary documents and share the relevant drafts to ensure a timely filing and delivery.
Upon collecting the necessary documents and information, we waste no time in preparation and filing of your application. development on your application is brought to your attention.
On successful completion of the case we share all the relevant documents electronically and physically along with an assurance to pay you back if something is wrong.
Under section 2 (62) of company act 2013 One Person company mean company incorporated under company’s act 2013 having only one person as a member. It is new form of business which is came into existence through companies act in year 2013. It is form of
As per companies act 2013, a private limited company is a company incorporated under this act or previous act having a restriction in articles for not transferring its shares to the public and the maximum number of members is not more than 200. Were as a
An alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership is known as limited liability Partnership (LLP). The LLP can continue its existence irrespective of changes in the partne
The company incorporated under section 8 with objectives such as the promotion of commerce, art, science, sport, education, research, social welfare, religion, charity, and environmental protection or any other object, shall use its revenues if any, or an
As per the business strategy company wishes to convert them into an LLP and the governing section for Conversion of Company into LLP is section 56, Third Schedule and Fourth Schedule of the LLP Act, 2008.
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