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About Limited Liability Partnership Registration
Limited Liability Partnership (LLP), introduced only in 2008, has quickly become a popular legal structure for businesses. As its name suggests, the liability of its partners is limited unlike the partnership firm along with the requirement of minimal maintenance. So, in case of any default, assets in the name of LLP are liable & not the personal assets of the directors. Hence, LLP can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.
In an LLP, some or all partners have a form of limited liability similar to that of the shareholders of a corporation and the partners have the right to manage the business directly.
An LLP also contains a different level of tax liability from that of a corporation. LLP is governed by the Limited Liability Partnership Act, 2008. The LLP is also cheaper and easy to incorporate and manage and involves less compliance and can be a smart choice from a tax perspective.
LLPs are ideal for startups and small businesses that are just starting their operations and want to have minimal regulatory compliance related to formalities. However, if one is looking to raise venture capital or attract talent with employee stock options, then the LLP is not advisable since the investors are mostly expected to take up some percentage of the profit shares from the company and one doesn’t have the option of generating equity in an LLP.
Important points to consider before deciding to incorporate your LLP firm:
Requires minimum 2 partners but no upper limit.
Minimum 2 designated partners one of whom should be an Indian Resident.
Rights & duties of the designated partners are governed by the LLP Agreement.
Self Attested PAN Card copy
Self Attested copy of any one of the Identity Proof(Voter's ID/Passport/Driver's License)
Self Attested copy of Address Proof in the name of director (Any utility bill i.e., mobile bill/water bill/ electricity bill, or bank statement which should not be older than two months)
Rent Agreement (Notarised: For rented property)
Sale Deed/Property Deed in English (in case of owned property)
No-objection Certificate from property owner
Latest Electricity Bill / Mobile or Telephone Bill / Latest Bank Statement/Gas Bill
Limited Liability Partnership Registration
Limited Liability Partnership Registration Process
Obtaining DSC & DIN
Drafting MOA And AOA
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Limited Liability Partnership Registration
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