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Limited Liability Partnership (LLP)

Limited Liability Partnership (LLP) is governed by Limited Liability Partnership Act 2008. A LLP enjoys benefits of both partnership firm and corporates. It is a separate legal entity from its partners. The liability of partners in LLP is limited as nothing from personal assets of partners can be recovered in case of loss or unpaid debts. LLP is not affected by death or retirement of any of the partner, for dissolving LLP there has to be legal compliances. Although it has feature of corporates there is no mandatory statutory audit required as in case of companies. As per ROC, statutory audit is applicable to LLPs only after exceeding certain specified turnover limit or capital contribution.

This form of business structure is generally preferred by professionals. LLP is governed by LLP Agreement/Deed. However, LLP has to be incorporated through Registrar of Firms.

Benefits of LLP

  • Partnership firm enjoying benefits of corporates
  • Unlike normal partnership firm, liability of partners is limited hence no recovery from personal assets of the partners
  • No partner shall be legally responsible for misconduct of other partner
  • Low cost incorporation as compared to Corporates

Requirement post LLP registration

  • LLP PAN and TAN application
  • Shop Act/ MSME registration
  • Bank Account for LLP
  • Business specific licensing and registration – FSSAI, RERA, GST, PT etc.

Documents needed to register LLP

  • LLP Agreement
  • Identity proof of all partners – Passport/PAN.
  • PAN of all Indian partners
  • Address proof of partners – Aadhar Card, driving license, passport, voter id card, etc.
Registered office proof of firm (as follows)

In case place is owned by any of the partners - Latest utility bill clearly showing name of partner and NOC from partner allowing to use the place for running the business

In case place is rented -Rent agreement, latest utility bill clearly showing name of owner and NOC from owner allowing to use the place for running the business

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