LLP in India – Limitations/Disadvantages

Understanding the Limited Liability Partnership (LLP) limitations / disadvantages would help the entrepreneur get the additional perspective of this structure.  The entrepreneur needs to understand these things quite in details as it may create various stumbling blocks, which  may delay  breakthrough related to Start-up growth. Here in this article we would explore some of the limitations/disadvantages, that would help us avoid future hassles.

Limitation in the formation of LLP
As the basic structure or model of the LLP is similar to that of any partnership firm  but it requires minimum two partners to form it.

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The information / articles & any replies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do not constitute legal advice or legal opinions. The information / articles & any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, I can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information/article contained without first seeking the advice of a Practicing Professional.

10 thoughts on “LLP in India – Limitations/Disadvantages

  1. R/MAM,
    LLP COMPANY CAN ACCEPT ADVANCES/ DEPOSITE AGAINST GOLD JEWELLERY FROM ITS SHAREHOLDER OR CUSTOMERS.
    KINDLY REPLY THE SAME.
    REGARDS

  2. Hi ,me and my partner decided to start a LLP company , We are done with basic process of getting the LLP incorporated with ROC , Certificate of incorporation is in place ,
    Ack for new Pan Card is in place ,
    We have DIN nos in place.

    LLP Agreement and Capital is not put in

    Due to initial differences only I have decided to opt out . Please suggest me what would be the consequences of the same .

    Can the LLP, be left at where it is and we can move on. Please suggest its really important

  3. I wish to understand a commercial space is required for a LLP, I work abroad and I am planning to host a website selling apparels.
    Kindly advise about the legal requirements and Tax matters. Also Is it mandatory to own a commercial space for the same, as I read in some article that Business Premises Proof is required to get TIN#.Is it also possible to do business in other states apart from the state where the LLP was registered?, I would kindly request you to explain this aspect of LLP formation.

  4. dear ma’am

    can you pl provide a draft copy of detailed application required in filing form 24.

    thanks in advance

  5. dear ma’am

    can you pl provide a draft copy of detailed application required in filing form 24.

    thanks in advance

    Manish

    • To file application for striking off LLP you will have to file form 24 to concerned Registrar of Companies. Since LLP Rules or LLP Act have not provided any formats as per attachments to form 24,I would advise you to prepare formats to be used for striking off company under Fast Track Exit scheme.

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