Compliance for LLP (Limited Liability Partnership)
Before diving into the LLP compliance checklist, it’s essential to understand the nature of a Limited Liability Partnership (LLP). An LLP is a hybrid business structure that combines the flexibility of a partnership with the benefits of limited liability. It is ideal for small and medium-sized businesses, allowing partners to share responsibilities while safeguarding personal assets from business liabilities.
However, to maintain its legal status and operational integrity, an LLP must adhere to several LLP compliance requirements set by regulatory authorities, including the Government of India.