LLP

The LLP is a body corporate and a legal entity separate from its partners

What is a Limited Liability Partnership(LLP)?

Limited Liability Partnership means partnership formed and registered under Limited Liability Partnership Act, 2008. The LLP is a body corporate and a legal entity separate from its partners. Any two or more persons, associated for carrying on a lawful business with a view to profit, can form Limited Liability Partnership. LLP combines the advantages of both the Company and Partnership into a single form of organization. In an LLP, all partners have a form of limited liability for each individual’s protection within the partnership, similar to that of the shareholders of a corporation. Limited Liability Partnership is managed as per the LLP Agreement.

Necessary Document For Registration

DIGITAL SIGNATURE CERTIFICATE

One color photograph (Pass Port Size)
Identity proof
Current resident address proof

DESIGNATED PARTNER IDENTIFICATION NUMBER

Form DIR-3 needs to be filed for making application for allotment of DIN

ID proof of the applicant
Address proof of the applicant
One color photograph of the applicant.

NAME AVAILABILITY

Objects of the proposed company
Particulars of proposed partners and designated partners
Particulars about proposed names(maximum 6 names can be given in order of preference)

INCORPORATION

Identity proof of all the partners and designated partners PAN card (mandatory) and any one of the following:

Aadhar Card
Passport
Voter Identity Card
Driving License

Residential address proof of all the partners and designated partners

Bank Statement
Telephone Bill
Mobile Bill
Electricity Bill

If the partner is a foreign national, Proof of nationality shall be attached

Proof of Registered Office address (not older than two months)

Telephone Bill
Electricity Bill
Mobile Bill

Advantages of Limited Liability Partnership

LLP & its partners are distinct from each other.
Partners are not liable for Act of partners.
Low cost of Formation.
Easy to establish.
Easy to manage & run.
Fewer requirements as to maintenance of statutory records.
Less Government Intervention.
Easy to dissolve or wind-up.
Professionals can form Multi-disciplinary Professional LLP.

Minimum Requirement for Limited Liability Partnership

Minimum 2 Designated Partners
DPIN for all Designated Partners
Minimum Capital requirement Rs.1,00,000

LLP

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