LLP Formation in India
Through self filing or a well-organized company formation agent, LLP formation can be completed. This requires filing of an incorporation application which is accessible with the Companies House an LLP or a Limited Liability Partnership is quite similar to a standard partnership except that the being members have lower or limited liabilities to any debts that arise from the running of the business. In a nutshell, LLP offers the flexibility of partnership even as operating a limited company.The first step in LLP Formation is finalizing a Deed of Partnership. This is a legally binding agreement among the members as it elaborates the rights and responsibilities of each party. The deed as well details managerial details such as names and addresses of the members, the amount of capital that is contributed by each member in addition to individual roles and responsibilities. The agreement also mentions the changes that need to be made in case a partner intends to leave the business at any point of time. LLP Formation does not require a Memorandum or Articles of Association. Once formed, the LLP is required to file annual returns and annual accounts with the Companies House. For these purposes, at least two of the partners of the LLP must be designated members, who would have to meet the legislative requirements pertaining to the LLP.