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While launching a business, one has to decide on the appropriate legal structure. Among all the legal structures available to business entities in India, LLP has emerged as one of the most sought-after business structures by entrepreneurs, startups, and professionals alike. LLP is a new form of business organization that has been introduced through the Limited Liability Partnership Act, 2008, which brings together flexibility as offered by a partnership with limited liability as offered by a company.
The choice of the right business structure is one of the most important decisions that a person makes when starting the business. The company structure defines the tax, liability, legal responsibility, funds accessibility, and business day to day. The decision regarding the unsuitable structure can lead to unnecessary taxation, legal problems, or loss of growth.
India has become a rapidly growing business hub, attracting many foreign individuals and companies interested in selling goods or services there. To operate legally and handle taxes properly, they need to follow the Goods and Services Tax (GST) rules.