LIMITED LIABILITY PARTNERSHIP
Rs8,999.00
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ADVANTAGES & BENEFITS

Limited Liability Protection to Directors personal assets

Many times startups need to borrow money and take things on credit. In case of normal Partnerships, Partners personal savings and property would be at risk incase business is not able to repay its loans. In an LLP, only investment to start a business is lost, personal assets of the Partners are safe.

Better image and credibility in Market

Limited Liability Partnership (LLP) is a popular and well known business structure in the world. Corporate Customers, Vendors and Govt. Agencies prefer to deal with LLP instead of proprietorship or normal partnerships.

Continuity of Business

LLP continues to exist beyond the existence of its Partners. This is not possible in traditional partnership firms.

Minimal Compliances

LLP is easy to manage and statutory audit is not required for Limited Liability Partnership. LLP is most ideal for small enterprises. Tax Audit is also not required for LLPs with capital less than Rs. 25 lac and turnover not exceeding Rs. 40 lac.

DOCUMENTS REQUIRED

ID Proof

Scanned copy of PAN Card of all directors and Aadhar card/ Voter ID/ Passport/ Driving License

Address Proof

Latest Bank statement/ Utility bill in the name of director which should not be older than two months

Photo

Latest passport size photograph

Office Proof

Notarized Rent agreement (in case of rented property)/ Registry Proof or House Tax Receipt (in case of owned property)

WHAT DO YOU GET

DSC

Digital signature for two directors to digitally sign the documents

PAN

PAN Acknowledgment can be used to apply for PAN number

Certificate

Certificate of incorporation bearing company’s registration number and details

TAN

TAN Acknowledgment can be used to apply for TAN number

QUESTIONS & ANSWERS

What is LLP?

Limited Liability Partnership is a corporate entity registered under Limited Liability Partnership Act, 2008. It is a form of partnership firm that enjoys limited liability. It is a hybrid form of a partnership that includes the features of a company. Compliances for a company are applicable to LLP.

How many partners can form an LLP? Is there any maximum limit?

As per LLP Act, 2008 a minimum of two partners can incorporate an LLP. There is no maximum limit for the partners.

What are the rights and duties of a designated partner?

The rights and duties of a designated partner are governed by LLP Agreement executed between them as per the Act.

Can a Foreigner become a partner in LLP?

Yes. Provided minimum one partner is required to be an Indian citizen and resident in a previous calendar year.

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