- Limited Liability Partnership (LLP), introduced only in 2008, has quickly become a popular business structure.
- Main difference over the General Partnership is that, as the name indicates, it limits the liabilities of its partners to their contributions to the business and also offers each partner protection from the negligence, misdeeds or incompetence of the other partners.
- LLP is also cheaper to incorporate than a private limited company requires fewer compliances
- Not an ideal option if you’re looking to raise venture capital or attract talent with employee stock options.
- Per day fine of Rs. 100/- for nonfiling of the document beyond the due date.
Time frame:
3 to 15 working days
