Limited Liability Partnership
Limited Liability Partnerships (LLPs) are one of the highly preferred categories of business entity in almost all economic sectors of the countries worldwide. LLPs were introduced in India through the Limited Liability Partnerships Act, 2008. The main advantage of LLP is ease of maintenance while at the same time providing limited liability to the owners. Like Private/Public Limited Companies, this form of business constitution also provides an advantage of limited liability but at the same time the control of a Partnership firm is hindered to some extent. Therefore, LLPs are considered as unique form of entities which integrate the features of both limited companies and traditional partnership firms. Due to their hybrid structure, LLPs are suitable for small to medium-sized business or professional enterprises. The only disadvantage of LLP is in rising of capital or attracting and retaining talent by way of issuing Employee Stock Ownership Plans (ESOPs).
Procedure of Incorporating a Limited Liability Partnership
This process takes approximately 15 working days to get the entity incorporated
➥ DSC & DIN :-Before applying for name, every proposed Partner should have a Digital Signature & Partner’s Identification Number.
➥ Name Approval :-After obtaining DSC and DPIN it is required to apply for a name by which the LLP needs to be incorporated.
➥ Registration of EntityPost name availability, other documents relating to registered office address, detailed object clause, capital and subscriber details needs to be submitted with the Dept. after necessary attestations
Documents required for Incorporating a Limited Liability Partnership
— Documents required to Incorporate / Form LLP
1. Copy of PAN ( Permanent Account Number) of all Partners (Minimum 2)
2. Copy of Address Proof ( Voter Id, Passport, Driving License, Aadhar Card) of all partners
3. Latest passport size Photographs of all partners
4. Registered Office Address Proof – Electricity Bill along with Rent Agreement / ownership proof of proposed registered office.
5. Copy of Mobile bill, telephone bill, electricity bill or Bank Statement of all directors / promoters with Present address (could be different from permanent address).