When we start a company, we are always think that the investment done in terms of money, time and energy should be wasted and the company brings benefit with less risk. We look for the medium that bring us more return than the investment. The LLP gives good benefits In both the terms investment and as well as the partnership. It gives the required corporate entity to the business and the partnership in less compliance.
In a LLP business, there should be two individual for the partnership in LLP where one of the partner should be the citizen of India. It should also hold the designated partner identification number. In a LLP, there is no limit on the number of partners. The good thing about a LLP business is that none of the partners is responsible for the misconduct of the other partner. The liabilities in this partnership are limited to the amount contributed in LLP and as per the agreement.
Compliance in case of LLP is very less as there is no burden in the name of compliance, The whole compliances are divided into two parts -
Statutory Compliances -
First Step: Collecting information and work on it.
Second Step: Sharing a draft.
Third Step: Reviewing and changes to be made.