Regarding the relationship between the various partners in the LLP, an LLP agreement is made between the partners and the LLP. An LLP agreement typically includes management guidelines, provisions for adding new partners, methods for formulating policy, etc.

An LLP must be established with at least two designated partners, as per the LLP Act. The designated partners are in charge of completing all requirements necessary to establish and maintain an LLP.

You can reach out to RapidTax to complete the process, we can register your LLP within just a few minutes. Make sure to resolve all your queries with our expert team.

Yes, running an LLP is significantly less expensive than running a private limited company, especially in the beginning. This is so because many compliances, like an audit, only apply to LLPs once they have a sizable turnover. In their first year, LLPs typically spend half as much on registrations and compliance tasks as a private limited company does.

Typically, only start-ups that will not be looking for venture capital funding register LLPs. This is because venture capitalists only invest in private and public limited companies.