Normally in takes 2-3 days for LLP to get registered after application.
An LLP is a business structure that came into being by the passing of the LLP Act, 2008 and the notification of the LLP Rules, 2009. It is a relatively new structure in India.
Section 3 of the LLP act declares an LLP as a body corporate formed and incorporated under the Act and is a legal entity separate from its partners. Thus the liabilities of the LLP are not the personal liabilities of the partner and the personal assets of the partner will not be used to pay off the liabilities of the LLP except in certain cases of fraud.
While the owners of an LLP have their liabilities limited to the business assets, there is such no comfort for the partners in a partnership firm. Their liabilities are unlimited i.e. it extends to the personal or home assets as well.
Limited liability protects the member’s personal assets from the liabilities of the business. LLP’s are a separate legal entity to the members.
The operation of the partnership and distribution of profits is determined by written agreement between the members. This may allow for greater flexibility in the management of the business.
The LLP is deemed to be a legal person. It can buy, rent, lease, own property, employ staff, enter into contracts, and be held accountable if necessary.
Designate and non-designate members. You can operate the LLP with different levels of membership.
Protecting the partnership name. By registering the LLP at Companies House you prevent another partnership or company form registering the same name.