Limited Liability Partnership (LLP) model of company for entrepreneurs
Saifi Khan
Until recently, the business vehicle available for entrepreneurs
was
1. partnership (unlimited liability) - flexible
2. private limited (limited liability) - formal
You either had 'flexibility with 100% personal risk' or 'lots of
paper work with an independent entity'.
The good news is that in India, we now got another structural
model for 'business vehicle' referred to as LLP (Limited
Liability Partnership).
So, one can have flexibility of partnership firm with the
benefit of limited liability (in event of bankruptcy).
The steps to setup a company look like this:
0. Business idea (company name)
1. Acquire DPIN
Acquite DSC
2. Register DPIN, DSC with LLP
3. Check name availability
4. Download LLP forms
5. File electronically
6. Track status
7. Receive certification letter
8. LLP ready to function legally.
The ministry of corporate affairs (MCA) under Govt of India, has
setup an independent website to push information on the same.
There is a good summary available at
http://www.llp.gov.in/aboutllp.htm
thanks
Saifi.