Limited Liability Partnership

Documents Required for Limited Liability Partnership Registration

  • PAN ( Permanent Account Number) of all Partners (Minimum 2)
  • Address Proof ( Voter Id, Passport, Driving License, Aadhar Card) of all partners
  • Latest passport size Photographs of all partners
  • Registered Office Address Proof - Electricty Bill along with Rent Agreement / ownership proof of proposed registered office.
  • Copy of Mobile bill, telephone bill, electricity bill or Bank Statement of all Partners with Present address
  • Stamp paper for LLP Agreement of State where LLP is to be Incorporated.

Features of Limited Liability Partnership

  • Just Require 2 Entrepreneurs.
  • More Credibility than Partnership Firm.
  • Limited Liability is main feature. 
  • Partnership Firm's Next Version in Simply Words.

Steps taken to Register Limited Liability Partnership in India.

Step 1- Apply for your Partners DIN
Step 2- Apply for your Parnters DSC
Step 3- Application to Govt for Name Availability of the proposed LLP
Step 4- Verification of Documents and Forms by Govt
Step 5- Filing of Incorporation Documents and Forms by Goverment
Step 6- Certificate of Incorporation
Step 7- Drafting of LLP Agreement
Step 8- Filing of LLP Agreement

Reasons to Register a Limited Liability Partnership

Legal Entity

A LLP is a legal entity and a juristic person established under the Act. Therefore, a LLP has wide legal capacity and can own property and also incur debts. However, the Partners of a LLP have no liability to the creditors of a LLP for the debts of the LLP

Uninterrupted Existence

A LLP has 'perpetual succession', that is continued or uninterrupted existence until it is legally dissolved. A LLP being a separate legal person, is unaffected by the death or other departure of any Partner. Hence, a LLP continues to be in existence irrespective of the changes in ownership.o.

Easy Transferability

The ownership of a LLP can be easily transferred to another person by inducting them as a Partner of the LLP. LLP is a separate legal entity separate from its Partners, so by changing the Partners, the ownership of the LLP can be changed.

Audit NOT Required

A LLP does not require audit if it has less than Rs. 40 lakhs of turnover and less than Rs.25 lakhs of capital contribution. Therefore, LLPs are ideal for startups and small businesses that are just starting their operations and want to have minimal regulatory compliance related formalities.

Owning Property

A LLP being an artificial judicial person, can acquire, own, enjoy and sell, property in its name. No Partner can make any claim upon the property of the LLP - so long as the LLP is a going concern.

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