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LLP

How Can I Register an LLP if I’m a Solo Founder?

In 2008, the concept of a Limited Liability Partnership (LLP) was introduced in India. An LLP combines the qualities of a partnership firm and a company. So can you register an LLP with a single member? let’s find out.

Can I Register an LLP with a Single Member?

Register an LLP if I’m a Solo Founder: If you wish to form a firm as a Limited Liability Partnership, you must register it under the Limited Liability Partnership Act of 2008. As per the act, the minimum number of partners required to form an LLP is two. The maximum number of partners in an LLP is unlimited. (buy zolpidem india) Additionally should be a minimum of two designated partners out of which, at least one of them must be a resident of India.

The LLP agreement governs the rights and duties of designated partners. They are personally responsible for ensuring that the terms of the LLP Act 2008 and the LLP agreement are followed.

Hence, we can conclude that an LLP or a limited liability partnership can only be formed by two or more partners. Therefore, you cannot register an LLP in India if you are the sole founder of your business. The only way to incorporate your business through the LLP structure is to find another trustworthy person to act as a partner in your entrepreneurial venture. Register an LLP if I’m a solo founder to protect my personal assets

The Limited liability Partnership Act, 2008 regulates the LLP business structure registration in India.

Best Option available to a Solo Founder

If you are a solo founder, you can make use of the OPC structure, which is short for One Person Company. Adopting an OPC model for your singular entrepreneurial aspirations is extremely beneficial especially for upcoming solo entrepreneurs because a single founder can be both a director and a shareholder.

OPC provides the benefit of restricted liability and a corporation legal framework without requiring the entrepreneur to give up ownership. In terms of compliance as well, an One Person Company in India has been allowed certain generous leeways when compared to private limited enterprises.

Vakilsearch to the Rescue

Solo entrepreneurs of a business venture can rest easy and focus all their killer corporate instincts on growing their business, without worrying about the hassle of legitimising their venture. ‘How is that possible?’, you ask; by handing over all their troubles to Vakilsearch. An LLP registration can provide tax benefits for a solo founder compared to operating as a sole proprietorship.

  • Our experts will file an application for name approval for your one-person business. And even prepare the MoA (Memorandum of Association) and the AoA (Article of Association)
  • Our team will thereafter file the incorporation documents with the MCA on your behalf. Ensuring that your PAN and TAN are assigned at the same time.
  • You can also be assured of timely updates on the progress of your OPC registration as well as post-incorporation compliance support.

Visit Vakilsearch to Register an LLP!

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