What Process for Limited Liability Partnership Registration in Chennai?


What Process for Limited Liability Partnership Registration in Chennai?

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One of the most valued forms of business in India is the registered Limited Liability partnership firm. This form of business is regulated by the Indian Companies Act, 1932. This type of partnership offers many benefits like ease of raising funds, easy transfer of ownership & protection against unlimited losses.

The process of conversion of a partnership firm into a Limited Liability Partnership (LLP) is fairly simple. It is also more cost effective compared to incorporating a new company. However, there are certain requirements that must be met for the successful conversion.

For example, the existing partners must agree on a formal agreement to manage and run the partnership firm as a LLP. The partners must also agree to share profits and losses equally. Additionally, the partners must ensure that the firm is not used for illegal purposes or fraud. If the firm is not properly managed, the LLP may be dissolved and the assets could be confiscated by the government.

Moreover, the partners of the LLP must obtain a DPIN or Designated Partner Identification Number from the Ministry of Corporate Affairs. This number will enable them to conduct day-to-day business of the LLP. The DPIN must be obtained by all the designated partners, including those who are not residents in India. The partners must provide proof of identity and address as well.

 

 

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