What are the key features of an LLP?
- Separate Legal Entity and Perpetual Succession
- No upper limit on number of partners.
- Limited Liability of partners.
- The mutual rights and duties of LLP and its partners shall be governed by LLP agreement between the partners or between LLP and its partners.
- Provision for Firms/ Private Limited Companies/ Unlisted Companies to convert into LLPs
- Provision to start a Foreign LLP (FLLP)
- Annual returns to be filed with the ROC within 60 days from the close of the financial year.
- Professional LLP across multi disciplines can be formed.
- Any individual or corporate body can be a partner of an LLP.
- Rights of a partner are transferable either wholly or in part. Transfer of right does not cause disassociation of the partner or dissolution and winding up of LLP and it does not entitle the transferee or assignee to participate in the management or conduct of activities of LLP or access information concerning the transactions of LLP.