Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The basic premise behind the introduction of the Limited Liability Partnership (LLP) is to provide a form of business entity that is simple to maintain while providing limited liability to the owners.
The main advantage of a Limited Liability Partnership over a traditional partnership firm is that in an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence. An LLP also provides limited liability protection for the owners from the debts of the LLP. Therefore, all partners in an LLP enjoy a form of limited liability protection for each individual’s protection within the partnership, similar to that of the shareholders of a private limited company. However, unlike privately limited company shareholder, the partners of an LLP have the right to manage the business directly.
LLP is one of the easiest forms of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities, LLP is preferred by Professionals, Micro and Small businesses that are family owned or closely-held. Since LLPs are not capable of issuing equity shares, LLP should be used for any business that has plans for raising equity funds during its lifecycle.
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5 Simple Step to register your LLP
|1.||Arrange Basic Documents of Partners|
|2.||StartedIndia will apply for DSC of Partners|
|3.||We will prepare other legal documents|
|4.||StartedIndia will file Incorporation documents with ROC|
|5.||You get your LLP Registration done|
Documents Required for LLP Registration
1. One Passport size photograph of All Directors
2. Self-Attested PAN card copy of All Directors
3. Self- Attested Proof of Identity (Like-Voter ID, Passport, Driving License, Aadhar Card)of All Directors
4. Business address proof (Any one of Electricity Bill, Telephone Bill, Property, Gas Bill, Tax Bill)
5. If Rented Business (Rent Agreement Copy) or if own (sell deed)
6. Company Name (1 to 6 Names)
7. Company Service or object or