Limited Liability Partnership (LLP) is a partnership where all the partners having limited liabilities for starting the business. Therefore, it shows the elements of partnership as well as corporation. Every partner is liable for his/her action. Prior Partnership is a firm which is formed between two partners or more for the purpose of earning profit and for the mutual benefit of partners. In this type of firm, one of the partner have unlimited liabilities. In case of default lender can take your personal assets as well.
Keeping in view the modern world, Pakistan is introducing world standards business format for the easy of doing business. It has become essential component for the Government of Pakistan to introduce this type of business.
Limited liability Partnership (LLP) is regulated by Security and Exchange Commission of Pakistan (SECP). SECP has introduced two methods for the registration of this type of business and these two methods are online and offline.
Documents required for the registration of LLP
These are the documents which are required for the registration Limited liability partnership from Security and Exchange Commission of Pakistan (SECP).
Limited liability Partnership has following pros and cons that help while registering your business