Limited Liablity Partnership
Limited Liability Partnership (LLP) is is a business structure that gives the benefits of limited liability of a Company & the flexibility of a Partnership. It is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the Limited Liability Partnership.
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Documents Required for LLP Registration in India
- PAN Card of all the Partners.
- Aadhar Card of all the partners
- Bank Statement latest of all the partners (Not older than 2 month)
- Passport size-photos of all the partners.
- Email and Mobile Number of all the Partners.
- Passport (optional)
- Proof of Registered Office Address: If the registered office is taken on rent, an NOC & a Rent Agreement from the landlord has to be submitted. NOC will be the consent of the landlord to allow the LLP to use the place as a registered office.
Submit the latest utility bills like electricity, gas, telephone bill, etc. and the bill should contain the complete address of the premise & owner’s name & the document should not be older than 2 months.
Benefits of LLP Company Registration in India
The following are the benefits of LLP Registration in India:
- Low Cost and Less Compliance : The overall cost of establishing a Limited Liability Partnership is low compared to the cost of registering a Private or Public Limited Company in India. The compliances to be followed by the LLP are also low. The LLP needs to file only 2 Statements yearly (i.e., an Annual Return and a Statement of Accounts and Solvency.
- Liabilities are limited : Limited Liability Partnership provides a limited liability benefit to all the designated partners. In case of s business insolvency or loss, the partners’ liability is restricted to the capital contribution as per the LLP agreement. Moreover, one partner is not held responsible for the actions of negligence/misconduct of any other partner.
- Separate Legal Existence : Just like a Company, an LLP has a separate legal entity. The Limited Liability Partnership is different from its partners. An LLP in India can sue & be sued in its own name. The Contracts are signed in the name of the Limited Liability Partnership (LLP) which helps to gain the trust of various stakeholders & gives the customers and suppliers a sense of confidence in the business.
- Tax Benefits : It is also exempted from various taxes like DDT (Dividend Distribution Tax) & Minimum Alternative Tax. The tax rate on LLP is less than that of the Company.
- No Minimum Capital : For the LLP formation in India, no minimum capital is required. No minimum capital contribution is required from partners. An LLP can be incorporated even with Rs. 1000 as a total capital contribution.
- There is no requirement for a mandatory audit : Limited liability partnerships (LLPs) are not required to undergo a mandatory annual audit. Yes, that's correct. Limited Liability Partnerships (LLPs) in India are required to get their accounts audited if certain thresholds are met. As per the Limited Liability Partnership Act, 2008, if the annual turnover of an LLP in any financial year exceeds Rs. 40 lakhs or if its contribution exceeds Rs. 25 lakhs, it is mandatory for the LLP to get its accounts audited by a practising Chartered Accountant (CA).
Checklist for LLP Registration in India
- Minimum 2 Partners are required
- Digital Signature Certificate for all the proposed Partners
- DPIN (Designated Partner Identification Number)
- LLP Name which is not similar to any existing LLP or Company
- LLP Agreement between the Partners
- Proof of registered office of the LLP
- Capital contribution by the LLP Partners
- Brief object (Nature of Business) of LLP
