What is LLP? What are some Features of a Limited Liability Partnership (LLP)?

 

  1. LLP is a business procedure which gives various advantages for the limited ability and flexibility one can get through PartnershipBusiness.
  2. If we compare LLP with a regular Company/ Business scheme then the Compliance requirement is less over here.
  3. Forming an LLP is not something complex as even 2 people can create it. Secondly there is also no maximum limit for partners to join LLP too.
  4. This is the most convenient option for small business as compared to general Partnership.

What is the Minimum Requirement to Start an LLP?

  1. There should be minimum two people required to register for LLP. However, there is no limitation on the maximum partners.
  2. No Capital is minimum Capital. Capital for LLP is totally dependent on the requirement of the business and contribution to the partnership by partners. The Stamp Duty on the deed will be based on the amount of Capital.
  3. One of the designated partners should be resident of India.
  4. It is important to keep unique names for LLP which the partners are registering or applying for.

What are the Documents Required for Private Limited?

 Kindly Note – Every document should be self-attested. All the Utility Bills should be in the name of the applicant and must not be older than 2 months. All of these documents should be in English.

 Documents of Partners/Directors/Stakeholders

  • Identity Proof- PAN Card; Aadhar Card/Passport/driving License/Voter Card
  • Address proof –
  • Landline Bill; Electricity Bill/Water Bill; Bank Statement / Bank Passbook
  • Passport Size Photographs (3 each)
  1. Documents required to be Self Attested by Directors
  • Consent to perform Directorial Duties for which you have to fill DIR-2
  • Specifications for DIN
  • Declaration of DIN (If DIN is allotted previously)
  1. Documents required to be Self Attested by Shareholders
  • Consent to Act as Director by Form DIR-2
  • Details for DIN
  • Declaration of DIN if it has been allotted already
  1. Documents required from Company /LLP/Trademark Owner (Should be signed by the required people on letterhead)
  • Board Resolution / Formal authorisation for the use of name or trademark

What are the Documents required for LLP Registration?

  • Very Latest passport size Photographs of all partners
  • PAN (Permanent Account Number) of all Partners (Partners can be more than 2 but should be minimum 2)
  • Identity Proof of each and every partner, (This could be Aadhar Card, Passport, Driving License or Voter ID Card)
  • Address Proof of each and everypartner (This could be Bank Statement or Passbook, utility bills like -electricity bill, telephone bill or identity proof which includes your address like Aadhar card or another government document which states your address)
  • Copy of Mobile bill, telephone bill, electricity bill or Bank Statement of all Partners with Present address.
  • Registered Office Address Proof – Electricity Bill along with Rent Agreement / ownership proof of proposed registered office.
  • Stamp paper for LLP Agreement of State where LLP is to be Incorporated
  • Documents Must be self-attested

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