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What is a Limited Liability Partnership?
LLP is an alternative corporate business form that gives the benefits of limited liability as present in a company and the flexibility of a partnership business. In other words, it offers advantages of both worlds by bringing simplicity in management akin to partnership firms and scope of expansion like that of a company. The biggest advantage of an LLP form of business over a Private Limited Company is in the fact that there is less compliance requirement in comparison to a Company.
Basic Requirements to Register an LLP
Procedure for Limited Liability Partnership Registration
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- Two Color Photographs of each Partner
- PAN card of each Partner
- Identity Proof (Voter ID / Driving License / Passport)
- Latest Address Proof
- Proof of Registered Office
- Utility Bill as Proof of Registered Address
- NOC from the Owner of the Premises
Frequently Asked Questions
Section 2(e) of the LLP Act, Specifically defines the word “Business” which says [ Business includes every trade, profession, service and occupation ] The definition specifically exclude Manufacturing, Production etc. hence you are advised to pursue only those activities which are not in the nature of Manufacture or Production as such.
For incorporation of an LLP under The Limited Liability Partnership Act, 2009, anyone from below mentioned list of the document is acceptable as Identity Proof of the partner or designated partner of the proposed LLP.
- Driving License
- Voter ID Card
A Limited Liability Partnership is incorporated with a physical address to be declared as the registered office of the newly registered LLP. Following are the list of the document which is acceptable as proof of premises where the registered office of the LLP is situated. The premises proof should not be older than two months.
- Electricity Bill
- Gas Bill
- Telephone Bill
- Mobile Bill
- NOC from the Owner of Premises
For Limited Liability Partnreship registration in India, the following are the forms on which partners need to sign, All the forms/formats to be printed on plain A-4 size paper, and signature should be preferable with a blue ink pen.
- Consent of All Partner for LLP Incorporation
- Subscriber Sheet for LLP Registration
Limited Liability implies that the partners of the LLP are not personally liable to pay debts of the business. They are only responsible for the outstanding shares of the capital of the LLP.
Apart from the concept of Limited Liability as explained above an LLP have following significant features
- The LLP will continue to exist, no matter how many partners, designated partners join or leave.
- An LLP can Sue and be Sued in its name.
- A legal entity like an LLP has a separate identity from its partners.
- Like a person, an LLP can purchase, sell, own, possess, enjoy and transfer property rights to anyone in its name.
It is a permanent number issued by the registrar of companies, as a unique identification number to the designated partners of the LLP. No person can hold an office of the designated partner unless he is issued a DIN. For allotment of DIN, an application to MCA is made with Photo, Attested ID and Address proof duly attested by CA, CS or CMA