LIMITED LIABILITY PARTNERSHIP

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