Limited Liability Partnership
Limited Liability Partnership Act, 2008
20 working days
1. Pan card copy of each partner
2. DSC of each Partners
3. DIN of each Partners
4. Six Photographs of each Partner
5. ID proof of each Partner
6. Address Proof of each Partner
7. Latest two months Bank Statement
of each Partner
8. Rental Agreement / Property Tax
Paid Receipt for the place of business
9. Electricity bill
Limited Liability Partnership
Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008. The basic idea behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business organization that is simple to maintain while at the same time providing limited liability to the owners. A Limited Liability Partnership combines the advantages of both the Company and Partnership into a single form of organization and one partner is not responsible or liable for another partner's misconduct or negligence. Therefore, all partners have a form of limited liability for each individual's protection within the partnership, similar to that of the shareholders of a corporation. However, unlike corporate shareholders, the partners have the right to manage the business directly. An LLP also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP's employees or other agents. LLP is one of the easiest form of business to incorporate and manage.
Advantages of LLP
Limited liabilityIn a General Partnership, partners are personally liable for all this debt. So if it cannot be repaid by the business, the partners would have to sell their personal possessions to do so. In an LLP, only the amount invested in starting the business would be lost; all personal property would be safe.
Easy TransferabilityThe ownership of a LLP can be easily transferred to another person by inducting them as a Designated Partner of the LLP. LLP is a separate legal entity separate from its Managing Partners, so by changing the Managing Partners, the ownership of the LLP can be changed.
Reduce ComplianceAn LLP only requires audited annual returns to be filed if its turnover exceeds Rs. 40 lakh or capital contribution exceeds Rs. 25 lakh.
LLP Registration Procedure
LLP Registration Procedure is very simple, if you prompt with your all Documents, this process can be completed in 15 to 20 working days, subject to legal processing time.
Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN) are required to obtain for all the Proposed Partners. You will need to provide required scanned documents, within 5 to 10 working days you will get your DSC and DPIN.
As soon as we apply for the DSC, we will ask you for the unique name you wish to give your LLP, as well as some scanned documents regarding the proposed LLP and its directors. These will be used to file for incorporation with the MCA. At this stage, you will also need to pay government fees. The Certificate of Incorporation will be approved at the end of this process
Every LLP needs a registered Permanent Account Number (PAN) and Tax Account Number (TAN). We will make the application online ourselves; you need to provide the all required Documents. The PAN and TAN will be couriered to your registered office address in 21 working days.