Starting a business is not an easy affair. We are often confused about what should be the nature of our business so that we can get the maximum return from our investment. So, here we will talk to you about one such business structure: LLP which has made a major impact on the business world.
Limited Liability Partnership is a unique amalgamation of a company and a partnership. In an LLP, you enjoy the best of both a company and a partnership. By going for LLP registration in India, you will have limited liability over your business. Apart from that, the cost of formation of an LLP is quite low. It also has fewer restrictions and compliance issues.
7 Reasons to Choose LLP
Easy and low cost to register an LLP: One of the biggest reasons to choose an LLP is its easy registration process. Now you will no longer have to undergo a complicated procedure before you can get your company registered. The registration cost is also significantly low, making it easy for you to start your business.
Tax benefit: With LLP, you can enjoy multiple tax benefits. You will no longer have to burden yourself with a huge amount of tax at the end of each financial year. This can again be a convenient option for your business. You can use the money in offering growth and prosperity to your business.
Convenient Formation with Minimum Contribution: It is quite convenient to form an LLP as there are no minimum capital requirements for LLP formation. The partners can join forces by contributing whatever resources they have. Also, the capital contribution can be in the form of tangible resources like land, machinery, etc.
Audit not Mandatory: LLP firms are offered multiple compliance benefits. In an LLP firm, audits are not mandatory. This is perceived to be a significant compliance benefit. A Limited Liability Partnership is required to get the tax audit done only in the case that:-
The contributions of the LLP exceeds Rs. 25 Lakhs, or
The annual turnover of the LLP exceeds Rs. 40 Lakhs
No minimum capital requirement for LLP: In an LLP, there is no minimum capital requirement. An LLP can be formed with the least possible capital. Moreover, the contribution of a partner can consist of tangible, movable or immovable or intangible property or other benefits to the LLP.
Separate Cibil score: An LLP firm is seen as a separate legal entity. Hence, the CIBIL score of the business is different from the partners. So, even if the partners have a poor CIBIL score, it will not reflect in the CIBIL score of the business.
Protection from debts: The partners are completely protected from the debts of an LLP. The partners will not be held responsible for the debts of the business. This is yet another reason why so many people are eager to form an LLP firm.
Why choose LLP in Bizpole?
Bizpole offers top-notch partnership firm registration in India. We know that starting your own LLP firm comes with various responsibilities, and to help you with the same, Bizpole is here for you. The experts at Bizpole will help you with the entire registration process on an end-to-end basis. Irrespective of the exact nature of the business, they will get your job done for you. The services offered by Bizpole are also quite affordable and will come within your budget.
So as you can see, going for an LLP comes with a lot of benefits. Not only will you find it easier to form your company, but you will also be provided with multiple benefits in the long run. So, for LLP registration in India, you must contact the experts at Bizpole, and they will provide you with the required guidance on the same.