Limited Liability Partnership (LLP) is a balanced structure, carrying benefits conventional partnership and still limiting personal liabilities of the partners. It is regulated as a contractual agreement between the partners under the Limited Liability Partnership Act, 2008.
LLP as Compared to Private Limited
LLPs are similar to Private Limited Companies with respect to compliance and operational requirements. Recognized as a separate legal entity than the partners, it can contract or involve in any legal proceedings in its own name. That enables the partners of an LLP to separate business liabilities or debts being recovered from their personal assets. Compliance requirement here is greater than regular partnership firms. However, Compared to a private limited company structure, it is easier to incorporate and maintain.
Advantages of registering a business as an LLP:
1. Limited Liability of Partners
2. Operational Flexibility
3. Separate Legal Existence
4. Lower Compliance Requirement
1. PAN Card of all Promoters / Designated Partners
2. Any One of additional Identity Proof as mentioned below of all Promoters / Designated Partners
a. Voters Identity Card
c. Driving License
3. Any One Address Proof as mentioned below of all Promoters / Designated Partners
a. Latest Bank Statement
b. Latest Electricity Bill
c. Latest Telephone Bill
d. Latest Mobile Bill
4. For Proposed Registered Office of Company
One Address Proof of Registered Office of Proposed Company e.g. Electricity Bill.
5. NOC (No Objection Certificate) From Owner of the Premises which is declared to be Registered Office of Proposed Company.
Note: If any of the above documents is missing then LLP Registration will not Possible.
Step 1 : LLP Name Approval Application. LLP Object Clause will be finalized at the time of LLP Name Application
Step 2 : Digital Signature Application
Step 3 : Preparation of LLP Incorporation Documents
Step 4 : Filing Incorporation Documents with Necessary Fees
Step 5 : Certificate of Incorporation with Company PAN and TAN No.
Step 6: Preparing and Filing LLP Agreement.