Documents required for LLP registration

ID Proof
(PAN Card)

Address Proof
(Utility Bills or Election ID or Aadhar Card or Driving License)

Passport Size Photo

Registered Office
(NOC from the owner with Utility Bills with Rental Agreement or Registry Proof or House Tax Receipt)

Minimum Requirements for limited liability Partnership(LLP) Registration

Minimum 2 Partners

No Capital Requirement

At least one Designated Partner as Indian Resident

DPIN for all Partners

ADVANTAGES OF LLP

Separate Legal Entity

A LLP is a legal entity and a juristic person established under the Act. The partners are distinct from the entity and both can sue each other and get sued in the process.

Uninterrupted Existence

A LLP has ‘perpetual succession’, that is continued existence until it is brought on the terms of the dissolution by mutual agreement within the partners. Partners may come and go, but an LLP goes on.

Audit not Required

Entrepreneurs earning a turnover of less than 40 Lakhs and capital contribution of less than 25 Lakh need not get their accounts audited .Therefore, LLPs are ideal for startups and small businesses that are just starting their operations and want to have minimal regulatory compliance related formalities.

Easy Transferability

The ownership of a LLP can be easily transferred to another person. All you need is to induct 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.

Owning Property

An LLP being a juristic person, can acquire, own and enjoy property in its own name. And this is entirely distinct from its partners. No Partner can make any claim upon the property of the LLP so long as the LLP is a going concern.

Limited Liability

The biggest advantage is Limited Liability, which means the status of being legally responsible only to a limited amount for debts of a LLP. Unlike proprietorships and partnerships, in a LLP the liability of the members in respect of the LLP’s debts is limited. The personal assets of the directors are safe if the company goes bankrupt.