What Process for Limited Liability Partnership Registration in Chennai?
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In India, partnership firms are one of the most common structures for businesses. They are easier to establish and have fewer compliance requirements than a company or LLP. However, there are a few disadvantages of a partnership firm such as it lacks perpetual succession and does not have the flexibility of a separate legal entity. Furthermore, it is difficult to raise capital from third parties as the accounts of a partnership are not publicly accessible. These issues are driving people to convert their partnership firm into an LLP.
LLPs are more attractive to investors as they have limited liability and are considered a more professional business structure than a partnership. The Limited Liability Partnership structure also allows for easy transferability of assets and ownership rights. It is also possible to raise funds through issuance of shares and public deposits. Furthermore, a LLP is not prone to conflicts of interest that can occur in a partnership firm.
To register an LLP, you will need to submit several documents to the Registrar of Companies (RoC). In addition to this, a LLP also has to file its income tax returns every year. Hence, it is vital to have the proper documentation in place and ensure that your LLP is compliant with the law. This is where FilingPoint can help as we provide a comprehensive LLP compliance service at an affordable price point.
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