Limited Liability Partnership Registration

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    What is a Limited Liability Partnership (LLP) ?

    A limited Liability Partnership is a unique form of business entity that is a partnership firm by nature but inherits various features of a Company.  This was introduced in India in 2008 with the approval of the Limited Liability Partnership Act, 2008. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. 

    The LLP is a separate legal entity, is liable to the full extent of its assets but the liability of the partners is limited to their agreed contribution to the LLP. Since LLP contains elements of both ‘a corporate structure’ as well as a partnership firm structure’ LLP is called a hybrid between a company and a partnership as it has features of both these forms.To know about Limited Liability Partnership Act,2008 CLICK HERE

    Advantages of LLP ?

    1. Easy to form:- Forming an LLP is an easy process. It is not complicated and time consuming like the process of a company.
    2. Liability:- The partners of the LLP is having limited liability which means partners are not liable to pay the debts of the company from their personal assets. No partner is responsible for any other partner’s misbehaves or misconduct.
    3. Easy transferability of ownership:-There is no restriction upon joining and leaving the LLP. It is easy to admit as a partner and to leave the firm or to easily transfer the ownership on others.
    4. Perpetual succession:The life of the Limited Liability Partnership is not affected by death, retirement or insolvency of the partner. The LLP will get winded up only as per provisions of the act of 2008.
    5. Management of the company:- All the decisions and various management activities are seen and done by the directors of the company. Shareholders receive very less power as compared to the board of directors.
    6. Taxation:- Yes, it is the benefit of LLP. Limited liability partnership is exempted from various taxes such as dividend distribution tax and minimum alternative tax. The rate of tax on Limited Liability Partnership is less than compared of the company.
    7. No compulsory audit required:- Every business has to appoint an auditor for checking the internal management of the company and its accounts. However, in the case of LLP, there is no mandatory audit required. The audit is required only in those cases where the turnover of the company exceeds Rs 40 lakhs and where the contribution exceeds Rs 25 lakhs.

    Eligibilty Criteria

    1. Minimum 2 designated partners who are individual.
    2. Maximum number of partners- no limit
    3. One designated partner must be a Resident Indian
    4. Minimum capital: at the choice of partners
    5. DIN of the designated partners (if available)
    6. Digital Signature of designated partners

    Documents Required

    1. Description of proposed business activity

    2. 4 proposed names for LLP in order of preference

    3. Self-attested PAN Card copy of all partners

    4. Self-attested ID Proofs of all partners (Driving License/Voter ID/ Passport/Aadhar)

    5. Self-attested address proof of all partners (Utility Bill/ Bank Statement/ Bank passbook copy)

    6. Passport size colour photo of all partners in JPEG Format

    7. NOC from the owner of the premises
    8. Proof of registered office address (Rent deed/ lease deed)
    9. Utility bill in name of the owner not older than 2 months
    10. Mobile No. and email id of designated partners
    11. Subscriber’s Sheet
    12. Copy of resolution (if a body corporate becomes a partner of LLP)
    13. Details of LLPs and companies in which partner/ designated partner is a director/partner
    14. Consent to act as a designated partner in Form-9
    15. NOC of Trademark Owner, if trademark issue involved
    16. Occupation, Educational Qualification and Place of Birth of partners

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