What is Limited Liability Partnership?

Further extension the benefits of Partnership and Company, the Concept Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The basic idea behind the introduction of Limited Liability Partnership (LLP) is to provide organized form of business that is easy to incorporate, simple to maintain while providing limited liability to the owners.

The most important feature behind introduction of concept of a Limited Liability Partnership over a traditional partnership firm is that, it provides limited liability protection to the owners from the debts of the LLP and one partner is not responsible or liable for another partner's misconduct or negligence.

Hence, all partners in a LLP enjoy a form of limited liability benefit individually within the partnership, similar to that of the shareholders of a private limited company. However, unlike in case private limited company shareholder, the partners of a LLP have the right to manage the business directly.

LLP is one of the easiest organized form of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities, LLP is generally preferred by Professionals, Micro and Small businesses that are either family owned or closely-held. Since, LLP should not be used for any business that has plans for raising equity funds during its lifecycle as LLPs are not permitted to issue equity shares.

   Self Attested copy of PAN for Indian Nationals and Notarised Passport for Foreign Nationals.

  Self Attested copy of Identity Proof of all the Partners- Voter Id/ Driving License/ Passport/ Aadhar Card/ Bank Statement /
   Electricity Bill (Any One).

  Self Attested copy of Additional Identity Proof of all the Partners - Bank Statement / Electricity Bill/ Telephone Bill/ Gas
   connection Bill (Any One).

  Municipal Registered Deed/ House Tax Paid Receipt of the Registered Office (if owned) Rent Agreement & NOC is also
  required in case property is not owned.

  Additional Proof of the Registered Office- Electricity Bill/ Telephone Bill/ Mobile Bill (Any One).

  Required Business Name.

  Hard Copy of Digital Signature Application Form signed Individually by all the Directors/ Subscribers.