Company formation

is a substitute corporate business system that not only gives profits of the limited company but also the flexibility of a partnership firm. There are numerous other benefits wherein the LLP can continue its existence despite changes in partners. The LLP is a distinct legal entity, is accountable to the full scope of its possessions but the liability of the partners is limited to their fixed role in the LLP. To form an LLP, it is vital to have two partners. LLPs are particularly beneficial to firms engaged in the architectural, accounting, medical, engineering or legal professions.

A partner in an LLP is personally liable for his or her debts and obligations consequential from negligence or misconduct. However, the partner is not liable for any debts sustained or acts done by other partners. Private Limited Company (PLC) is the simple and very prevalent form of registrations of business in India. It can be registered with a least of two people. We, at M.R Bombaywala & Co., are updated with the laws and compliances required to form a Limited Liability Partnership (LLP). Our experts are well recognized and rationalized with the documentation as well as the government rules and regulations required to form the same.

In simple words, Limited Liability Partnership (LLP) is nothing else but a combination of General Partnerships (GPs) and Limited Partnership (LPs). Limited liability protection to shareholders, ability to raise equity funds and also separate legal entity status makes it the most recommended type of corporate entity for loads of small-sized businesses and also medium-sized businesses. The formation of a Limited Liability Partnership is an upright way for specialists to practice with partners while having some liability shield. However, liability protection varies at state levels. The main benefit of LLP is that it allows partners to enjoy the liability protection and also tax benefits of a Limited Partnership.