LLP Companies we discuss these all company popular business structure in India that combines the benefits of both partnerships and corporations like AZB & Partners, Shardul Amarchand Mangaldas & Co, Grant Thornton International, L&L Partners, Khaitan & Co strong emphasis on client-focused and commercially driven solutions.
What are the LLP Companies?
LLP Companies Narrow Liability Partnerships are a hybrid business structure that combines the advantages of both partnerships and corporations. In India, LLPs are governed by the Narrow Liability Partnership Act, 2008, and they offer flexibility in management with limited liability protection to their partners.
1. Separate legal entity: An LLP is considered a separate legal entity from its partners, which means it can own assets, incur liabilities, and enter into agreements in its name.
2. Limited Liability: The liability of partners in an LLP is limited, which means that their assets are protected, and they are liable only to the extent of their contribution to the LLP.
3. Flexibility in Management: Unlike a traditional partnership, LLPs offer flexibility regarding governance and internal structure. The LLP agreement instrument allows partners to decide on the distribution of profits, contributions and responsibilities.
4. Perpetual succession: The existence of an LLP is not affected by the death, bankruptcy or retirement of any partner, thereby ensuring business continuity.
5. Compliance and Regulations: LLPs must comply with certain regulatory norms, including annual filings with the Department of Corporate Affairs (MCA), maintaining proper accounts and complying with statutory audits based on turnover.
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Here are the Top 5 LLP Companies In India?
1. AZB & Partners
2. Shardul Amarchand Mangaldas & Co
3. Grant Thornton International
4. L&L Partners
5. Khaitan & Co
1. AZB & Partners
AZB & Partners is one of India’s leading law firms, which provides a wide range of legal services across corporate, commercial and regulatory disciplines. It is recognised as one of the top law firms in the country, serving both domestic and international clients.
AZB & Partners has carved its niche in the Indian legal landscape as a market leader, delivering professional quality legal services and supporting its clients through complex and varied business challenges.
Founder: Zia Mody
Founded: 2004
2. Shardul Amarchand Mangaldas & Co
Shardul Amarchand Mangaldas & Co (SAM & Co) is one of India’s largest and most prestigious law firms, known for its expertise in corporate, commercial and litigation matters. The firm has a long history of providing legal services to clients in domestic and international markets, and is unquestionably respected for its service quality and legal acumen.
SAM & Co is widely respected for its comprehensive legal services, strong client relationships and consistent ability to deliver impact. It continues to be a leader in the Indian legal market, providing top-class legal advice and representation across a diverse spectrum of practice.
Founder: Dr. Shardul S. Shroff
Founded: 2015
3. Grant Thornton International
Grant Thornton International is one of the world’s leading independent trust, tax and consulting firms. It operates as a global network of constituent firms providing services in over 130 countries, including India. Grant Thornton focuses on helping dynamic organizations unlock their growth potential by offering a wide range of professional services.
Grant Thornton India stands out for providing agile and impactful professional services to businesses that seek growth and transformation. It is well-positioned to support companies in navigating complex regulatory landscapes, achieving growth and making strategic decisions across various relevant sectors.
Founded: 1980
Founder: Alexander Richardson Grant
4. L&L Partners
L&L Partners, formerly known as Luthra & Luthra Law Offices, is one of the leading full-service law firms in India, offering a broad range of legal services across multiple work areas. The firm is known for its strong capabilities in corporate, litigation and regulatory matters.
L&L Partners is a leading law firm in India, known for its high-quality legal services, strong industry knowledge and client-first approach. Its expertise across diverse disciplines and practice areas makes it the preferred choice for domestic and international clients.
Founded: 1990
Founder: Rajiv Krishan Luthra
5. Khaitan & Co
Khaitan & Co. is one of India’s oldest and most prestigious law firms, known for its diverse practice and expertise in corporate and commercial law. The firm is highly respected for providing high-quality legal services to clients across a range of industries
Khaitan & Co’s long-standing presence, industry expertise and client-focused approach make it one of the most trusted law firms in India. It continues to be a leader in corporate, dispute resolution and arbitration advice, providing critical legal advice to both domestic and international clients.
Founded: 1911
Founder: Debi Prasad Khaitan
Conclusion
LLP companies in India have become an increasingly popular choice for businesses seeking a flexible and efficient form of formation that combines the benefits of partnerships and narrow liability. The Limited Liability Partnership (LLP) model offers operational flexibility, tax benefits and low compliance requirements, making it particularly attractive for businesses involved in startups, professional services firms and incorporated enterprises.
FAQs
1. Which is the first LLP company in India?
The first LLP in India, incorporated in the first week of April 2009, was set up by legal consultants Handoo & Handoo. This new business structure limits the liability of partners to their shareholding and was introduced by the government on April 1, 2009.
2. What is an example of a LLP company?
For example, LLPs can include partnerships formed by lawyers, architects, or accountants. Additionally, they can vary between limited liability partnerships and full shield partnerships.
3. Is LLP a good company?
Flexibility: Limited Liability Partnerships provide significant flexibility in management and ownership. Partners can determine their preferred management structure and decide how to allocate profits and losses.
4. Who approves the name of LLP?
The name approved by the Registrar of Companies (ROC) remains valid for the LLP’s existence unless changed.
5. Is GST registration mandatory for LLP?
GST registration is not mandatory for all LLPs. It is only required if the LLP has an annual turnover of more than ₹20 lakh (or ₹10 lakh for special category states), or if it engages in interstate supplies, e-commerce, or other specified conditions.
6. Is it mandatory to file ITR for LLP?
GST registration is not mandatory for all LLPs. It is only required if the LLP has an annual turnover of more than ₹20 lakh (or ₹10 lakh for special category states), or if it engages in interstate supplies, e-commerce, or other specified conditions.
7. Can an LLP have a CEO?
No, GST registration is not mandatory for all LLPs. It is only required if the LLP has an annual turnover of more than ₹20 lakh (or ₹10 lakh for special category states), or if it engages in interstate supplies, e-commerce, or meets other specific conditions.
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