LLP Incorporation

Limited liability Partnerships are a type of alternative corporate business structure that combines the advantages of limited liability and the flexibility of a partnership . The LLP can continue to exist even if the partners change; it has the ability to enter into contracts and hold property in its own name. An LLP's mutual rights and obligations are governed by an agreement between the partners or the partners and the LLP, as the case may be.

The LLP structure combines elements of both a corporate and a partnership firm structure. A limited liability partnership (LLP) is a hybrid of a corporation and a partnership.

Feature of LLP

1. It is a body corporate

2. Have separate legal entity3

3. Mutual agency

4. Perpetual Succession

5. Artificial legal person

Governed by

In India LLP is governed by LLP act 2008 and is controlled under ministry of corporate affairs.

Minimum requirement for incorporating LLP in India:

· At least two designated partners are required.

· There should be a business location.

· The proposed partners should make a contribution to the business.