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Documents required for LLP registration

ID Proof
(PAN Card)

Address Proof
(Utility Bills / Election ID / Aadhaar Card / Driving License)

Passport Size Photo

Registered Office
(NOC from the owner,Utility Bills,Rental Agreement/Registry Proof/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

Limited Liability Partnership (LLP) Deliverables


  • Issue of Certificate of Incorporation
  • Issue of LLP Agreement
  • Issue of PAN and TAN

PROCESS TO BE FOLLOWED FOR LIMITED LIABILITY PARTNERSHIP REGISTRATION


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.

FAQ's

Since an LLP requires only two people to start the business, one of the partners should be a resident of India.
It is nothing but an agreement made between the partners. It states the duties and the responsibilities, management policies, the inclusion of the partners, new business strategies and so on.
When compared to a Pvt Ltd Company, a LLP is a better option in terms of cost and operations as it requires minimum capital, no auditing procedures and lesser tax compliances.
For verifying the status of E-filing, The SRN No is the key. Kindly note down the SRN generated by the system before going ahead with the payment for the purpose of checking the transaction status.
A LLP must have a minimum of 2 partners and can have a maximum of any number of partners.
Once an LLP is registered, it will be active and in existence as long the compliances are met regularly. If in case, the compliances are not met then the LLP will become dormant and its name will be struck off from the register over a period of time.
Yes, a NRI can be a designated partner in an LLP only after getting the Designated Partner Identification Number (DPIN). As the rule says at least one partner has to be a resident of India.



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