An alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership is known as limited liability Partnership (LLP). The LLP can continue its existence irrespective of changes in the partners; it is capable of entering into a contract and holding property in its own name. Mutual rights and duties of the partners within an LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be.
LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.
It is a form of business which is came into existence through the LLP act 2008. It is a form of business having separate legal entity, is liable to the full extent of its assets but the liability of the partners is limited to their agreed contribution in the LLP.
Under section 2 (68) of company act, 2013 Private company mean company incorporated under company’s act 2013 having paid-up share capital as may be prescribed, and which by its articles, —
Provided that where two or more persons hold one or more shares in a company jointly, they shall, for the purpose of this clause, be treated as a single member:
Provided further that-
It is a form of business which is came into existence through company's act. It is a form of business having separate legal entities form its promoter just like other forms of company. The main advantage of a Private limited form of company is that the financial liability of a shareholder is limited to their shares.
One person company can convert itself into a private limited company after complying with the provision led down under company law 2013.
There is the provision of conversion of existing LLP into a Private Limited Company after complying the provision led down under the act.
Advantages of Conversion;
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