Limited Liability Partnership is an equilibrium which provides several advantages of conventional partnership and yet limits the personal liabilities of the partners and hence, it has become quite popular in consulting businesses, CA, recruiting firms etc.
Under the Limited Liability Partnership Act, 2008 - it is regulated as the contractual agreement between the partners.
Benefits
LLP limits the personal risks of respective partners as they enter into a contractual relationship in its own scope. Basically, the limited liabilities directly depends on their respective contribution i.e. an amount they have invested in their respective businesses. Hence, many businesses prefer LLP over partnership as it allows their assets to remain safe in case of insolvency or loss.
It is easy to maintain, incorporate and compliance requirement here is huge as compared to the private ltd structure company.
It also provides Operational Flexibility and Low Compliance Requirement as it doesn’t require Mandatory Audit until specific level of turnover.
List of Documents Required
In LLP, few documents are required for the registration process such as –
- Self-attested copy PAN for all subscribers
- Self-attested copy of Identity Proof like – Voter Id / Driving License / Passport (Any One)
- Self-attested copy of Mobile Bill / Telephone Bill / Bank Statement latest 2 Months (Any One).
- Passport Size Photo
- Email Id
- Mobile Number
- Educational Qualifications
- DIN if already holding Directorship in any company
- State where the registered office of the company will be situated
- Proposed Share Holding Pattern
- Proposed Share Capital Authorised and Paid Up
- Copy of Electricity Bill as a Proof of Registered Office of the Company.
However, in case of Foreign National or NRI, documents of the partners needs to be apostilled or notarized.
Time Period
The Complete Process shall take 7-10 Working Days from the date of the Receipt of all the required documents.
