LLP offers benefits of limiting the liability of partners just like a private limited company and ease and convenience of a partnership firm get best of both worlds at packages starting from Rs 6000.
The Liability in a traditional partnership is limited to the extent of dues of the firm which means that the realisations from partners personal estate will be utilised towards settlement of liabilities of the firm however in an LLP, the partners have limited liabilities.
To form an LLP, at least 2 designated partners are required of which one partner must be resident of India. The application fee, Stamp duty and filing fee vary based on the capital contributed by the partners.
*Business plans/ project report /CMA data preparation and answering queries raised by the bank.