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Limited Liability Partnership (LLP) is an upcoming form of corporate affairs. An LLP is best described as a partnership that has been protected with an outer shell of limited liability. It is a new corporate structure that combines the flexibility of partnership and the advantage of limited liability of a company at a low compliance cost.
LLP incorporation in India takes about minimum 60 days. There are various glitches and obstructions during the entire process where security, time consumption and efficiency is compromised. Since the process is mostly done manually which includes submitting the required documents, identity proofs, information about the partners involved in forming the LLP, all this consumes large amount of time.
Blockchain is taking over the world by storm. We are using this technology to implement the process of registering a LLP company. LLP, (Limited Liability Partnership) is an upcoming form of corporate affairs. The current LLP incorporation in India takes minimum 45 days. There are various glitches and occasions in this process where security, time consumption and efficiency is compromised. Using the technology of blockchains, the process can be reduced to a time span of 3 days at most while making sure that the process is Transparent, Decentralized and highly secure. The entire process of registering for LLP can be secured using blockchains.
How Blockchain Can Bring Enhancement LLP System
For many years, digitization of the process has been a challenge and over a period of time, paperless contracts have gained wide popularity. The aim of this project is to accelerate the process of registering a LLP and making it as secure and transparent as possible without tempering with the integrity and efficiency. Blockchain can eliminate various glitches which the current process is suffering from, thus making it smooth. Additionally, this technology offers data security and cost-effective transmission of transactions in peer-to-peer networks with no central system. Interesting direction for future reference include implementing smart contracts for all kinds of transactions