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A brief introduction on the formation of Firm, Society, or LLP in India

Firm: A firm in India refers to a business entity formed by two or more individuals or entities who come together to carry out a business for profit. It operates under the Indian Partnership Act, 1932, and is not considered a separate legal entity from its partners. Partnerships can be registered or unregistered, but registration offers certain legal benefits and is recommended for clarity and legal recognition.

Society: A society in India refers to a group of individuals or entities who come together for a common non-profit purpose, such as charitable, educational, or cultural activities. Societies are governed by the Societies Registration Act, 1860. Registration of a society provides it with legal recognition and certain privileges, including the ability to own property and enter into contracts.

Limited Liability Partnership (LLP): An LLP in India is a hybrid business structure that combines the flexibility of a partnership with the limited liability protection of a corporation. It is governed by the Limited Liability Partnership Act, 2008. An LLP is a separate legal entity from its partners, and its liability is limited to the extent of its assets. LLPs are popular among professionals, small businesses, and startups due to their flexibility and reduced compliance requirements compared to companies.

Legal FormalitiesEach of these entities (firm, society, LLP) has specific legal formalities for formation and registration, including documentation, filing with the appropriate government authority, and payment of requisite fees. Compliance with these formalities is essential to establish legal recognition and enjoy the benefits and protections afforded to each type of entity.

Purpose and Structure: Firms are primarily formed for conducting commercial activities, societies for non-profit purposes, and LLPs for professional and business activities. Each entity has its own structure, governance mechanisms, and regulatory requirements tailored to its specific objectives and legal framework in India.