Here's why a Limited Liability Partnership (LLP) might be the perfect choice for you. 🧵: What is an LLP? It's a hybrid business structure that combines: ✅ Partnership flexibility ✅ Limited liability protection An LLP had a separate legal identity, perpetual succession and can own property in its name. Basic Requirements of an LLP: 🔸Minimum 2 partners are required to form an LLP. Maximum partners can be 200. 🔸There is no minimum capital requirement. You can start the LLP with as low as Rs. 5,000!! Setting up an LLP: 1️⃣ Reserve LLP Name 2️⃣ Obtain Digital Signature Certificates (DSCs) 3️⃣ File form FILLIP with the MCA 4️⃣ Execute the LLP Agreement 5️⃣ Open a bank account—and you're ready! 🚀 Why LLP over Private Limited Company? 🔹Lower compliance & administrative costs. 🔹Tax-free profit distribution to partners. Taxation of LLPs in India: - LLP is taxed at a flat rate of 30% + 4% Cess - If the total income > 1 crore, there is a Surcharge of 12% - Share of profits...
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