What is LLP Incorporation Overview
Limited Liability Partnership (LLP) in India took shape after January 2009, making it an instant success with startups and professional services. Limited Liability Partnership (LLP) Registration as the name suggests defines limited liability to its partners. Thus it has features of both, a corporation and a partnership. One partner is responsible for only his own actions and not the actions of his partner. LLPs are governed by Limited Liability Partnership Act(LLP Act), 2008.
Process for LLP Incorporation
Arrange basic documents of Partners
Fill in an online form with accurate information
Apply for Digital Signature and DIN of Partners
Prepare all legal documents
Apply to name availability of the proposed LLP
Verification of all documents and forms by the respective Government dept and authorities
File Incorporation Docs with ROC
Get LLP Incorporation Certificate
Drafting of LLP Agreement
Filing of LLP Agreement
Documents Required For LLP Incorporation
- Copy of PAN Card of partners
- Passport size photograph of partners
- Copy of Aadhaar Card/ Voter identity card/ Driver’s license as address proof
- Electricity/ Water bill/ Telphone bill/ Latest bank statement as proof of Registered Office (Business Place)
- Copy of Sale Deed/Property Deed (If owned property)
- Landlord NOC (Format will be provided)
- Passport (in case of Foreign Nationals/ NRIs)
- Digital Signature Certificate
- Copy of Notarized Rental Agreement
- Copy of NOC from the property owner
Benefits Of LLP Incorporation
- Limited Liability Protection to Directors personal assets
- Separate Legal Existence & Operational Flexibility
- Better image and credibility in Market
- No Audit Requirement & Minimal Compliances
- Suitable For Small Business
Checklist /Minimum requirement for LLP Incorporation
- Minimum 2 Partners
- If a body corporate is a Partner, it has to nominate a natural person as its Nominee.
- There is no concept of share capital, but each Partner has to contribute towards capital of LLP.
- DIN (Director Identification Number) for all the Designated Partners.
- DSC (Digital Signature Certificate) for all the Designated Partners.
- Address proof for office of LLP.