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Limited Liability Partnership

Limited Liability Partnership (LLP) has been enacted in India by way of Limited Liability Partnership Act, 2008. LLP is an alternative corporate business entity that provides the benefits of limited liability of a company but allows its members the flexibility of organizing their internal management on the basis of a mutually-arrived agreement, as is the case in a partnership firm. This format would be quite useful for small and medium enterprises in general and for the enterprises in services sector in particular, including professionals and knowledge based enterprises.

As proposed in the Bill, LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession. While the LLP will be a separate legal entity, liable to the full extent of its assets, the liability of the partners would be limited to their agreed contribution in the LLP. Further, no partner would be liable on account of the independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner's wrongful business decisions or misconduct.

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Limited Liability Partnership Registration with 2 DSC, 2 DPIN, Name Approval, Upto1 lakh capital, Incorporation Certificate, Deed Drafting & Filing, PAN, TAN, Incorporation Kit in 5 working days.
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Limited Liability Partnership Registration with 2 DSC, 2 DPIN, Name Approval, Upto 1 lakh capital, Incorporation Certificate, Deed Drafting & Filing, PAN, TAN, Incorporation Kit in 5 working days and GST Registration.
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Limited Liability Partnership Registration with 2 DSC, 2 DPIN, Name Approval, Upto 1 lakh capital, Incorporation Certificate, Deed Drafting & Filing, PAN, TAN, Incorporation Kit in 5 working days, GST Registration, Logo Designing and Trademark Registration.
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Why to Register as Limited Liability Partnership

Separate Legal Entity


A LLP is a legal entity and a juristic person established under the Act. Therefore, a LLP has wide legal capacity and can own property and also incur debts. However, the Partners of a LLP have no liability to the creditors of a LLP for the debts of the LLP.

Uninterrupt Existence


A LLP has 'perpetual succession', that is continued or uninterrupted existence until it is legally dissolved. A LLP being a separate legal person, is unaffected by the death or other departure of any Partner. Hence, a LLP continues to be in existence irrespective of the changes in ownership.

Easy Transferability


The ownership of a LLP can be easily transferred to another person by inducting them as a Partner of the LLP. LLP is a separate legal entity separate from its Partners, so by changing the Partners, the ownership of the LLP can be changed.

Audit Not Required


A LLP does not require audit if it has less than Rs. 40 lakhs of turnover and less than Rs.25 lakhs of capital contribution. Therefore, LLPs are ideal for startups and small businesses that are just starting their operations and want to have minimal regulatory compliance related formalities.

Owning Property


A LLP being an artificial judicial person, can acquire, own, enjoy and sell, property in its name. No Partner can make any claim upon the property of the LLP - so long as the LLP is a going concern.

Limited Liability


Limited Liability means the status of being legally responsible only to a limited amount for the 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.

Documents  Required  For  Limited  Liability  Partnership  Registration

Identity and Address Proof

Identity and address proof will be required from all partners of the LLP to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than two months old.

Registered Office Proof

All LLPs must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or gas connection bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.

List of Documents

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LIMITED LIABILITY PARTNERSHIP REGISTRATION PROCESS

Obtaining DSC & DPIN

Digital Signature Certificate (DSC) and Designated Partnership Identification Number (DPIN) are required for the proposed Partners of the LLP. DPIN and DSC can be obtained for the proposed Directors within 3 to 4 working days.

Name Approval

A minimum of one and a maximum of six names choices must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 4-5 working days.

LLP Registration

Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation of LLP in 5 to 7 working days, subject to their processing time.

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Compare Your Options

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Options

Recommended For

Ease of Accommodating Investment

Limited Liability Protection

Tax Advantages

Perpectual Existence

Statutory Compliances

 

Limited Liability
Partnership

Professional services firms

Possible, but unlikely

Yes

Most efficient

Yes

Low

Private Limited
Company

Start-ups and growing companies

Very easy to accommodate

Yes

Few benefits

Yes

High

One Person
Company

Sole promoters

Possible, but severely unlikely

Yes

Few benefits

Yes

High

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Frequently Asked Questions

Under traditional partnership firm, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner. Under LLP structure, liability of the partner is limited to his agreed contribution. Further, no partner is liable on account of the independent or un-authorized acts of other partners, thus allowing individual partners to be shielded from joint liability created by another partner's wrongful acts or misconduct.
Any individual, or even a company or an LLP, can become a partner. However, only an individual can become a 'designated partner' in an LLP.

The mutual rights and duties of partners inter se and those of the LLP and its partners shall be governed by the agreement between partners or between the LLP and the partners. This Agreement would be known as "LLP Agreement".

According to the LLP Act, a minimum of two designated partners are required to start an LLP. The designated partners are responsible for fulfilling all the essential requirements involved in starting and running an LLP.
Typically, only start-ups that will not be looking for venture capital funding register LLPs. This is because venture capitalists only invest in private and public limited companies.
You can start a Limited Liability Partnership with any amount of capital. There is no requirement to show proof of capital invested during the incorporation process. Partner's contribution may consist of both tangible and/or intangible property and any other benefit to the LLP.
Yes, an NRI or Foreign National can be a Partner after obtaining a DPIN. At least, one of the partners has to be a resident Indian citizen.
Yes, a salaried person becomes a Partner, there are no legal bondages in this but you may have to go through with your employment agreement if it contains any restrictions on doing so.
Once a LLP is incorporated, it will be active and in-existence as long as the annual compliances are met with regularly. In case, annual compliances are not complied with, the LLP will become a Dormant Company and maybe struck off from the register after a period of time.
No. The essential requirement for setting LLP is carrying on a lawful business with a view to profit.