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Features

Features

  • Limited Liability
  • Perpetual Succession
  • Separate Legal Entity
  • Flexible Profit Distribution
  • Flexible Management Structure
  • Few Legal and Procedural Requirements
  • Only with profit motive
Who can be a partner in LLP?:
  • Individual
  • Body Corporate
  • Company as per Companies Act, 1956
  • LLP
  • Foreign LLP
  • Company incorporated outside India
Partners:
  • Minimum Partners – 2
  • Maximum –? NO LIMIT
  • At least 2 Designated Partners 
  • 1 Designated Partner to be Resident in India
Designated Partner:
  • To be appointed with effect from Incorporation Date
  • Any vacancy to be filled in 30 days
  • Changes in Designated Partners to be intimated within 30 days
  • Penalty –Min. 10,000 –Max. 5 Lakhs