Limited Liability Partnership Firm
A Limited Liability Partnership Firm is a Partnership in which some or all the Partners have limited liability. Each member is protected from personal liability, except to the extent of their capital contribution in the LLP.
Features of LLP
- It has a separate legal entity just like companies.
- Liability is limited to the contribution made by partner.
- The cost of forming an LLP is low.
- Less compliance and regulations.
- No requirement of minimum capital contribution
The minimum number of partners to incorporate an LLP is 2. There is no upper limit on the maximum number of partners of LLP. Among the partners, there should be minimum two designated partners who shall be individuals, and at least one of them should be resident in India. The rights and duties of designated partners are governed by the LLP agreement. They are directly responsible for the compliance of all the provisions of LLP Act 2008 and provisions specified in LLP agreement.
Requirements-
✓ Total Capital Contribution and Ratio of Capital Contribution amongst the partners and Designated Partners.
✓ DSC of any one the designated partners. Identity proof and residential proof of all the partners. Proposed Registered Office of the LLP.
✓ Email ID and Contact details of the proposed LLP.
✓ Approval of the owner of the trademark or the applicant of such application for registration of Trademark.
✓ Proposed Object of the Firm.
✓ Property Paper (if owned Property)
✓ Board Resolution of the company, if any Body Corporate is the partner of the LLP.
✓ Consent of existing LLP as a proof of no objection, if any LLP is a partner in a proposed LLP.
✓ Consent of the partners. Detail of LLP(s) and/ or company(s) in which partner/ designated partner is a director/partner.
✓ Rent Agreements (if rented Property)
✓ NOC from Landlord
✓ Utility bills
✓ Self Attested copy of PAN Card and Aadhar Card of all the Partners