Limited Liability Partnership
Limited Liability Partnerships are governed by Limited Liability Partnership Act, 2008. The main edge of a Limited Liability Partnership is that, one partner is not liable for another partner’s misconduct or negligence. Accordingly, all partners in an LLP enjoy limited liability protection within the partnership, similar to that of the shareholders of a private limited company.
LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
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Since 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.
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The registration process takes 15 working days after all information and documents are received. Certificate of Incorporation is received after approval of application. Application for PAN can be made using the certificate of incorporation which is allotted in around 7 days of application