A Limited Liability Partnership Registration Bangalore is a legal entity separate from its partners and therefore, offers limited liability to its partners whereby any debts and obligations of the LLP will be borne by the assets of the LLP.

In the case of a conventional partnership, the partners are jointly and severally liable for each debt and obligation of the partnership firm

The target groups are:

• Professionals
• Small and medium sized businesses
• Venture capitals
• Joint Ventures

If the partner:

• has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force 
•  Is an undischarged insolvent
• Has applied to be adjudicated as an insolvent and his application is pending.

As per Section 2(1)(m) of the Act, a “foreign limited liability partnership” means a limited liability partnership formed, incorporated or registered outside India which establishes a place of business within India

As per section 5 of the Act, only an individual or body corporate may be a partner in a Limited Liability Partnership Registration. It is further clarified vide MCA General Circular No. 13/2013, dated 29th July, 2013, read with MCA General Circular No. 2/16 dated 15th January, 2016, that an HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its Karta cannot become a partner or designated partner in LLP register online

General Circular No. 37/2014, dated 14th October, 2014, clarified that the trustee being a body corporate and representing a trust in case of “Real Estate Investment Trust” (REIT) or “Infrastructure Investment Trust” (InvITs) or such other trusts set up under the regulations prescribed under the Securities & Exchange Board of India Act, 1992, is not barred to hold partnership in a LLP in its name without the addition of the statement that it is a trustee.

• A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 1956) whereas for an LLP it would be by a contractual agreement between partners.
• The management-ownership divide inherent in a company is not there in a limited liability partnership.
• Limited Liability Partnership Registration Bangalore will have more flexibility as compared to a company.
• LLP Registration online will have lesser compliance requirements as compared to a company.

A Registered Office refers to the official correspondence address of an LLP or its principal place of business. The address of the Registered Office will be used for all official communications of the LLP.

Registered office of an LLP can be shifted from one place to another in the same state or from one state to another after complying with legal requirements.

A designated partner of an LLP means the partner who is responsible for carrying out all acts and things that are required for the functioning of the LLP in respect of compliance of provisions, filing of documents/returns/statements under the LLP Act and things as may be specified in the LLP agreement.

An LLP registration online should have a minimum of two designated partners who are individuals and at least one of them should be resident in India.

Contribution means the amount contributed by each partner in the LLP company registration online as per the LLP agreement. The contribution is the liability of each partner and an llp company registration bangalore can recover the agreed contribution from the partner. A partner can contribute to the capital by cash, goods or services subject to applicable valuation.