What is LLP ?
Limited Liability Partnership is a separate legal entity from its partners and liability of each partner is limited to their contribution.
LLP has perpetual succession and contains salient features of Company and Partnership.
Formation & Cost
Easy to form LLP and registration cost is low in comparison to company formation.
Compliance & Disclosure
LLP requires less disclosure and compliance requirement is less as compare to other entities.
No mandatory requirement of statutory audit upto a certain limit i.e. Turnover or Contribution.
No income tax charegable on profit distribution in partner’s hand.