An insight into LLP formation!
By: amit | Posted: 08th June 2011
LLP or limited liability partnership is a famous acronym that is used during the company formation. In LLP, the individual members have limited liabilities to any form of debts that arise during the functioning of the company. Actually the LLP offers you the benefit of partnership in a limited company. There are numerous steps of the LLP formation which actually defines the legal agreement between the members and defines the roles and responsibilities of each party. Importantly, the deals incorporate all the specific details about the members which include the name and address of the member as well as the amount of contribution made by the member.
In fact the LLP also mentions the changes that need to be made in case a partner decides to leave the company. The LLP is used to file the annual returns and income taxes of the company and that is why it is recommended that at least two partners of the LLP must be designated members. The basic requirements of LLP include a registered address, two partners and a legal agreement between them. Thus, if you too want to enter an LLP agreement, you can easily do it with the help of various companies which offer this service. There are numerous companies on the web which offer this service to you at cheap prices and within a few working hours. You can take their service.
All the procedures of LLP are pretty simple except the fact that finding the name for the company is not very simple. The name of the company must be unique, not subject to offence and should not breach any law. In fact, it is also advisable to check the name on the name similarity clause. Importantly, the company must have a registered office according to the terms of the LLP.
In case you are interested in company registration, the easiest way is to find a service provider which has already registered numerous companies successfully. This is an easy route because the procedure of establishing a company is not easy as it involves a lot of legal proceedings. In most of the cases, people simply leave the job halfway as they get tired following the numerous procedures. Therefore, if you are a starter and trying to find an institution that could fill all the forms on your behalf, take precaution and check the reputation of the company you are considering for the job.
For this, you must compare their services and rates with other service providers in the market. Moreover, you also will have to read the reviews of various service providers which are available on the web. Company registration is important and sensitive issues therefore check out everything in detail. Importantly, the company that you choose must be smooth functioning and their procedures must be totally transparent. They must also be registered with the company houses and this will help you in avoiding all the difficult situations and get your company registered in no time.
Mike Nichel is the author of this article on Company Registration. Find more information on LLP here.
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Tags: benefit, acronym, name and address, similarity, debts, service provider, liabilities, income taxes, two partners, limited liability partnership, legal proceedings, company registration, registered address, limited company, roles and responsibilities, company formation