Any individual, or even a company or an LLP, can become a partner. However, only an individual can become a ‘designated partner’ in an LLP.
Yes, non-resident Indians and foreign nationals who are willing to enter into an LLP partnership can do so, provided they submit the necessary documents after getting them notarized by the concerned authorities. Although, at least one of the designated partners in an LLP should be an Indian national.
An LLP agreement is made between the partners and the LLP regarding the relationship between the individual partners in the LLP. An LLP agreement usually consists of management policies, the inclusion of new partners, policy-making strategies, and so on.
According to the LLP Act, a minimum of two designated partners are required to start an LLP. The designated partners are responsible for fulfilling all the essential requirements involved in starting and running an LLP.
Yes, it is much cheaper to run an LLP than a private limited company, particularly in your early startup days. This is because many compliances, such as an audit, apply to LLPs only after their turnover is sizable. Most LLPs spend about half as much as a private limited company in their first year on registrations and compliance work.
Yes, the process for GST registration is online completely. You can do everything in the personalised dashboard we provide for you.