Limited Liability Partnership

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CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said.

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what is llp act 2008 ?

A Limited Liability Partnership is formed under the Limited Liability Partnership Act 2009. Unlike partnerships, partners in an LLP are not burdened with unlimited liabilities caused by the business.

Their responsibility for any loss or debt is limited to the investments they make. A limited liability partnership and its partners are considered separate legal entities.

Furthermore, no partner is liable due to the independent actions of other partners, therefore individual partners are safe and protected from joint liability for committing another partner’s wrongdoing.

Benefits of llp:
  • No Minimum Capital Requirement: An LLP can be started with no minimum capital requirement.
  • Eligibility: There is a simpler process to form an LLP compared to a private company, along with fewer legal requirements.
  • No limitation on the number of business owners: there can be two or more partners in this legal form.
  • Low Registration Costs: The registration costs are lower than with a limited liability company or a public company.
  • Less Compliance: LLPs are required to file only two declarations, i.e. of accounts. Therefore, the compliance requirements are comparatively lower than for limited liability companies. Facts: There are more than one lakh LLP company registrations in India.

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