Advantages of LLP - Limited Liability Partnership

1. Well known and accepted worldwide when compared to a company.
2. Ease of formation of establishment.
3. Easy to manage and administer.
4. LLPs are taxed at a lower rate compared to a company.
5. It has a distinct legal identity. So it can sue in its name and can be sued by others.
6. Partners are non-liable for the act of co-partners.
7. No minimum capital contribution required.
8. Maximum number of partners is not limited.
9. LLP has a distinct entity and is distinguished from its partners.
10. Government intervention is minimal.
11. Ease of dissolution or winding up.
12. Audit is required only when the turnover exceeds Rs. 40 lakh.

How to Register a LLP in India

What are LLP Formation Procedures