Why should you start a Limited Liability Partnership (LLP) - TopicsExpress

Why should you start a Limited Liability Partnership (LLP) ? Listed below are some of the benefits of Limited Liability Partnership entities. However an entrepreneur should choose the entity based on his or her requirements and decide which suits them best in the long run. Limited Liability One of the main advantages of starting a private limited company is limited liability. Limited liability means limited exposure to financial risk by investors of a company. Limited liability means the shareholders liability in the company is limited to the capital amount invested in the company. For example, if Sam invested Rs 100,000 to start a private limited company. Sams liability is the investment of Rs 100,000. In other words, the potential loss cannot be beyond Rs 100,000. Sam wont be liable for any liability beyond this Rs 100,000. Minimum Capital To incorporate a private limited company, the shareholders need to invest a minimum of Rs 1 lac into the company. This is not applicable for an LLP. An LLP can be incorporated with a capital of Rs 1 or above. Legal Compliance Limited companies need to hold board meeting 4 times a year, at least once in every quarter. It also needs to hold annual general meeting and maintain minutes for such meetings. An LLP does not have to adhere to such compliance unless and otherwise specified in the LLP Agreement. Tax for LLP LLPs do not have Dividend Distribution Tax (DDT) whereas Companies are liable to pay DDT @ 16.99 % (inclusive of surcharge and education cess) on dividends paid to the shareholders. Both LLP and companies are taxed at 30% plus education cess and higher education cess. However, Surcharge on income tax is not applicable for LLPs Audit Limited companies are required to appoint an auditor within one month from the first board meeting. The company has to get their accounts audited every year. LLP need not get their accounts audited unless the LLP’s turnover exceeds Rs.40 Lacs or the capital contribution is more than Rs 25 Lacs any financial year

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