Limited Liability Partnership


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An LLP can be incorporated with a minimum of at least two partners who can be Individuals or Body Corporate through their nominees. It contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ and is called a hybrid between a company and a partnership. And LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. Or a limited liability partnership is a partnership consisting of partners whose liability is limited to the capital invested by each for starting the business. In LLP, each partner is not responsible or liable for another partner's misconduct or negligence. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name.

 

Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct. 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. The LLP is the most popular option for the professionals for conducting their business and it also a good choice for those who are involving in the business of consultancy. The biggest advantage of LLP form of business over a Pvt Ltd Company is in the fact that there is less compliance requirement in comparison to a Company.

PAN Card

Self attested PAN Card issued by I.T. Department

Aadhar Card
Self attested Aadhar Card issued by UIDAI
Id Proof
Self attested id proof (Voter ID/DL/Passport)
Address Proof
One month bank statement or telephone bill
Photographs
Passport size photographs
Utility Bill
Electricity Bill or Other utility Bill

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Benefits of LLP Registration

Separate Legal Entity

On incorporation under law. LLP is a body corporate and a legal entity separate from its partners, So the partners and the LLP stays distinct from each other. Like a company where members are different from the company.

Limited Liability

All the partners of the limited liability partnership are having limited liabilities whereas in the partnership firm all the partners having unlimited. The partners are not personally liable for any debt or loss incurred by the LLP.

Very Less Compliance

Once you have registered an LLP there are not many compliances you need to follow. There is very less compliance which the LLP needs to follow as there is no requirement of the board meeting and general meeting.

No Mandatory Audit Requirement

Under LLP, only in case of business, where the annual turnover/ contribution exceeds Rs 40 Lakhs/Rs 25 Lakhs respectively are required to get their annual account audited annually by a chartered accountant.

Tax efficient

LLP is more likely to be tax efficient compared to a Company, Moreover, LLP are also not subject to Dividend Distribution Tax as compared to company, so there will not be any tax while you distribute profit to partners.

Flexibility

LLPs are free to create their own rules of management, which was not possible in case of companies. This may allow for greater flexibility in the management of the business under Limited Liability Partnership (LLP).

Documents required

PAN Card

Self attested PAN Card issued by I.T. Department

Aadhar Card

Self attested Aadhar Card issued by UIDAI

Id Proof

Self attested id proof (Voter ID/DL/Passport)

Address Proof

One month bank statement or telephone bill

Photographs

Passport size photographs

Utility Bill

Electricity Bill or Other utility Bill

Frequently Asked Questions

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 liability of the partners is limited to their agreed contribution in the LLP. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct. 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
A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners.
Yes, the LLP Act 2008 allows Foreign Nationals including Foreign Companies & LLPs to incorporate an LLP in India provided at least one designated partner is resident of India. However, the LLP/Partners would have to comply with all relevant Foreign Exchange Laws/ Rules/ Regulations/ Guidelines
A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e., Companies Act, 1956/2013) whereas for an LLP it would be by a contractual agreement between partners. The management-ownership divide inherent in a company is not there in a limited liability partnership. LLP will have more flexibility as compared to a company. LLP will have lesser compliance requirements as compared to a company
The procedure for formation of an LLP is similar to that of a Private Limited Company incorporation procedure
LLP registration process includes following steps: 1. Get a digital signature (DSC) 2. Apply for Director Identification Number (DIN) 3. Get the name of the company approved through ‘Reserve your Unique Name’ service (RUN) 4. Incorporation of LLP 5. File ‘Limited Liability Partnership Agreement’.
A firm, private company or an unlisted public company is allowed to be converted into LLP in accordance with the provisions of the Act. Upon such conversion, on and from the date of certificate of registration issued by the Registrar in this regard, the effects of the conversion shall be such as are specified in the LLP Act. On and from the date of registration specified in the certificate of registration, all tangible (moveable or immoveable) and intangible property vested in the firm or the company, all assets, interests, rights, privileges, liabilities, obligations relating to the firm or the company, and the whole of the undertaking of the firm or the company, shall be transferred to and shall vest in the LLP without further assurance, act or deed and the firm or the company, shall be deemed to be dissolved and removed from the records of the Registrar of Companies.
Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement
No, name of the LLP shall end with either ‘Limited Liability Partnership’ or ‘LLP’. Word ‘limited’ shall be allowed in name only within ‘Limited Liability Partnership’
Every partner shall inform the LLP of any change in his name or address within a period of fifteen days of such change.

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