What is Limited Liability Partnership?
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In a LLP, each partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from the traditional partnership under the UK Partnership Act 1890, in which each partner has joint and several liability.
Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor. As a result, in these countries, the LLP is more suited for businesses in which all investors wish to take an active role in management.
Documents Required For LLP Registration
Advantages Of Private Limited Company?
There are multiple reasons to choose private limited company :
5 Steps For Company Registration
Minimum Requirements For Company Registration
Factors To Consider In Company Name Selection
The name of your company is very important. It is the first impression to your buyers, suppliers and stakeholders. It should, therefore, be relevant, suggestive and attractive. There are various factors that you should keep in mind while naming for your company.
Short & Simple
The name should be concise and not be too long. People should be able to pronounce it easily and they should be able to remember your company’s name the first time they hear or read it.
Meaningful
The name of your company should be related to your business. It should fit the company’s branding. For example, Infosys refers to information systems or IT technologies.
Unique
Name of your company should not be same or identical to an existing company or trademark. You can go to search.legalraasta.com to check if your company name is identical to others. You should ideally avoid plural version e.g., “Flipkart’s” or changing just letter Case, spacing or punctuation marks in an existing company name.
Suffix
The name of your company should end with the suffix “Private Ltd” in a case of a Private limited company and “LLP” is a case of a limited liability partnership.
Should not be illegal / offensive
The name of your company should not be against law. It should not be abusive or against the customs and beliefs of any religion.