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Limited Liability Partnership

Limited Liability Partnership Is The Preferred Choice For Businesses Who Want Limited Liability And A Separate Legal Entity

Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business organization that is simple to maintain while at the same time providing limited liability to the owners.

A Limited Liability Partnership combines the advantages of both the Company and Partnership into a single form of organization and one partner is not responsible or liable for another partner's misconduct or negligence.

Therefore, all partners have a limited liability, for each individual's protection within the partnership, similar to that of the shareholders of a corporation.

However, unlike corporate shareholders, the partners have the right to manage the business directly. An LLP also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP's employees or other agents. LLP is one of the easiest forms of business to incorporate and manage.

LLP has a separate legal entity, liable to the full extent of its assets, the liability of the partners would be limited to their agreed contribution in the LLP. Further, no partner would be liable on account of the independent or un-authorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner's wrongful business decisions or misconduct.

Private Limited Company Registration

A Private Limited Company Registration is the most popular form of corporate legal registration in India. The Ministry of Corporate Affairs governs the company registration in India as per the Companies Act, 2013, and the Companies Incorporation Rules, 2014. It can be initiated with a minimum of two Directors (Individuals only) and two Shareholders (Individuals or Corporate entities). Both Directors and Shareholders may or may not be the same person.

A Pvt Ltd Company Registration is preferred as it ensures limited liability and provides a separate legal entity to the business. The company incorporation procedure results in clear ownership of the company defined by the share capital. Incorporation of a company is the first step in scaling your business as it paves the way for outside funding while enabling you to attract top talent by offering stock options. However, one needs to take into account mandatory audits and higher compliance which could be tough to maintain. On the other hand, higher compliance will lend better credibility to your business than any other form of incorporation of a company in India.

Register your Private Limited Company:

• DSC of two Directors/Shareholders
• DIN of two Directors
• Name approval application
• Drafting of E-MOA and E-AOA
• Certification of Incorporation
• PAN Number of the Company
• TAN Number of the Company
• GST Number/Certificate of the Company (if opted)
• Consulting session on funding compliances
• Time: 5-7 working days
• 100% Online Process

RERA Registration

The Real Estate (Regulation and Development) Act was passed by the Indian Parliament on 1st May, 2016. This act has been passed for protecting home buyers and helping in boosting investments throughout the industry for real estate.

The Main Objective of The Real Estate Act is:

• Establishing the Real Estate Regulatory Authority for the regulation and the promotion of the Real Estate market.
• Ensuring complete transparency in real estate projects.
• Protecting the interests of the consumers throughout the Real Estate Market and establishing a certain adjudicating system for quick dispute redressal.
• Providing proper and complete information about Builders.
• Providing suggestions to perfect the Government on in different matters pertaining to the growth and the encouragement of the real estate market.

Salient Features of The Real Estate Act include:

• The act sets up the State Real Estate Regulatory Authority in the form of a government body that needs to be approached for the redressal of complaints against builders.
• It vests complete authority on the real estate regulator for governing both commercial and residential transactions related to real estate.
• The law makes it obligatory for the developers to present all information on different problems like project layout, plan, land title status, schedule for completion of the project, sub-contractors working on the project, and government approvals with the State Real Estate Regulatory or RERA and post this, in effect, pass the same information to the consumers.
• Presently, in case a certain real estate project gets delayed, the developer does not have to go through any problems in any way. The law now ensures that delays in project completion will have the developer responsible to make payments of the same interest as the EMI that is being paid by the consumer to the bank back to the consumer.
• The maximum jail term for developers violating the orders of the appellate tribunal of RERA is three years either with or without a fine.
• Developers cannot make any alterations to the plans that have already been sold out without the written permission of the buyers.
• Every project that measures over eight apartments or over 500 square meters will need to be registered with the Real Estate Regulatory Authority or RERA.