Limited Liability Partnership (LLP) is one of the most preferred forms of organization among young entrepreneurs as it combines the benefits of both partnership firms and companies into one form of organization. Limited Liability Partnership (LLP) is an alternative corporate business form that offers the benefits on limited liability to partners at a low cost of compliance. In a Limited Liability Partnership (LLP) each partner is not responsible or liable for other partner’s misconduct or negligence. The formation of a Limited Liability Partnership (LLP) is easy in terms of its registration and management. It is for this reason that the family-owned and closely held prefer to register as LLPs. Moreover, they have very simple compliance formalities. A special partnership is formed between two or more partners in a Limited Liability Partnership (LLP), who have limited liabilities. Limited Liability Partnership Registration starting from obtaining digital signature certificate (DSC) to filing the LLP Agreement takes around 10-15 days. Get your business registered as LLP with Triotax sitting at home, without visiting government offices.
1. Self-attested copy of ID proof (Election card/passport/driving license) 2. Self-attested copy of PAN Card and Aadhaar Card 3. Self-attested copy of address proof (Bank statement/ electricity bill/mobile bill/ telephone bill not older than 2 months.) 4. Rent agreement/Agreement between the Owner and proposed partners 5. Utility bill (Electricity bill/mobile bill/telephone bill not older than 2 months) 6. NOC signed by the owner to use premises as the registered office of the LLP (for rented premises) 7. DSC form signed by both the partners 8. Consent letter 9. Subscriber sheet signed by both the partners 10. PAN application form signed by anyone of the partners
The procedure to form an LLP is very simple and does not involve much formality.
At the same time, it is cost-effective with a minimum incorporation fee.
An LLP is considered as an artificial judicial person.
This protects it from any effect due to the retirement, any departure, or even death of any of its partners.
The Limited Liability Partnership (LLP) shall continue to exist untill it’s dissolved in accordance with the provisions of the relevant law.
Partners may come and go but LLP can be easily transferred to another person.
In an LLP, your liability is limited to the extent of your agreed contribution.
It also protects your personal assets from the liabilities of the business.
You can pick a package that suits what you need
For LLP registration you need to apply with two different names with the MCA from which one of the names is selected and approved which is in line with the main object
All the documents for LLPs are filed online and are required to be digitally signed You need to apply for the proposed LLP’s designated partners’ digital signature before initiating the process of LLP company registration
The form used for LLP incorporation is: - An integrated form - Filed with a registrar of the state where the registered office of the LLP is situated
An LLP agreement governs the mutual rights and duties amongst the partners and also between the LLP and its partners
Congratulations!!! You are ready to start your business and take it to great heights of excellence!
Yes. One can register their LLP at one’s home address/residential address. You only need a few legal proofs from the owner of the house.
Minimum of two designated partners are required to register a Limited Liability Partnership. But there is no maximum limit to the number of partners. However, one partner of the LLP must at least be a resident of India.
No minimum capital is required when a Limited Liability Partnership is registered. Partners have a choice to contribute through their tangible or intangible assets too. Partners can register their LLP with any amount and ratio.
No, it is not mandatory to have DPIN for incorporating LLP. DPIN is allotted in the Incorporation Form and there is no need to apply separately for DPIN.
Yes, subject to Foreign Direct Investment (FDI) guidelines, a non-resident Indian or a foreign national can become a Designated Partner of a Limited Liability Partnership.
