Limited Liability Partnership (LLP) is defined as an entity formed and registered under the Limited Liability Partnership Act, 2008.
LLP is a combination of both partnership and corporation. It has a perpetual succession and separate legal entity. As a hybrid business entity, the LLP combines the limited liability features of companies with the operational flexibility of partnership firm.
Advantages Of LLP
- LLP is easy to form
- Partners will have limited liability
- Perpetual succession
- The audit is required only, when the turnover of the company exceeds Rs 40 lakhs and the contribution exceeds Rs 25 lakhs.
- Lower registration costs
Documents to Be Submitted By Partners
- PAN Card or passport (Foreign Nationals & NRIs)
- Aadhar Card/ Voter's ID/Passport/Driver's License
- Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
- passport-sized photograph Specimen signature (blank document with signature [partners only])
- Note: First three documentsneed to be self-attested by any one of the partners. In the case of foreign nationals and NRIs, all the documents must be notarized or apostilled.
- Digital signature certificate of a partner
- LLP agreement of the parties
For the Registered Office
- Latest bank statement/telephone or mobile bill/electricity or gas Bill
- Rental Agreement should be notarized in English
- No-objection Certificate from the property owner
- Sale Deed/Property Deed in English (in case of owned property)
- Note: Your registered office need not be a commercial space; it can be your residence, as well