LIMITED LIABILITY PARTNERSHIP (LLP)
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LIMITED LIABILITY PARTNERSHIP (LLP)
A Limited Liability Partnership (LLP) is a unique business structure that merges the benefits of a partnership and a company. In an LLP, partners enjoy limited liability, similar to shareholders in a company, while retaining the operational flexibility and simplicity of a traditional partnership. This structure grants the LLP its own legal identity, allowing it to initiate or face legal actions independently of its partners.
Introduced in India in 2008, the LLP is governed by the Limited Liability Partnership Act, offering a flexible and reliable business framework that suits organizations of all sizes.
Benefits
Separate Legal Identity: An LLP is recognized as a separate legal entity, similar to large corporations, enhancing trust and allowing it to undertake legal actions independently of its partners.
Limited Liability for Partners: Partners in an LLP are only liable for their agreed contributions, safeguarding personal assets from the business's debts or losses.
Cost and Time Efficiency: The registration process for an LLP is more affordable and straightforward compared to larger corporations, with minimal annual compliance requirements.
Flexible Capital Requirements: There is no mandatory fixed capital; partners can contribute any amount mutually agreed upon, providing flexibility in capital structure.
Eligibility Criteria for Incorporation
Minimum Partners: An LLP requires at least two partners for registration. There is no maximum limit on the number of partners.
Designated Partners: At least two designated partners must be natural individuals, with one of them being a resident of India.
Corporate Partner Nomination: If a corporate entity is a partner, it must designate a natural person to act as its representative.
Capital Contribution: Each partner is required to contribute to the LLP’s capital, with the amount agreed upon mutually.
Minimum Authorized Capital: The LLP must have a minimum authorized capital of ₹1 lakh for registration.
Residency Requirement: At least one designated partner must be a resident of India.
Documents Required For LLP
PAN Card/ID Proof of Partners: A valid PAN card or government-issued ID proof for all partners.
Residence Proof of Partners: Documents such as bank statements, telephone bills, mobile bills, electricity bills, or gas bills to verify the residence of the partners.
Passport-size Photograph: Recent passport-sized photographs of the partners.
Passport and Address Proof for Foreign Nationals/NRIs: A valid passport and address proof for foreign nationals or Non-Resident Indians (NRIs) involved in the business.
Proof of Registered Office Address: Documents such as a rent agreement, No Objection Certificate (NOC), or a utility bill to verify the registered office address.
Digital Signature Certificate (DSC): A valid DSC for the designated partners for electronic filings and registration.
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