Limited Liability Partnership
Being a world-recognized business format, the concept of Limited Liability Partnership was introduced in India by way of Limited Liability Partnership Act, 2008. A Limited Liability Partnership, commonly referred as LLP entails the benefits of both the Company and Partnership into one format of business.Contrary to unlimited partnership, in an LLP, one partner cannot be held accountable for another partner’s negligence and misconduct. This is a salient feature of LLP and might be the biggest reason behind its rising popularity in India. In an LLP, all associated partners come together to get form of limited liability for each individual’s protection with the partnership, alike the shareholders of a business. However, unlike corporate shareholders, the partners have the authority to run the business directly. An LLP also bounds the personal liability of a partner for the faults, oversights, incompetence, or negligence of the LLP's employees or other agents.LLP enjoys a separate legal entity, and remains liable to the full scope of its assets.
There remains a limited liability of partners with respect to the agreed involvement in the LLP. There is no tax liability on the distribution of profits amongst the partners.When it comes to incorporate an LLP, registrationwala.com emerges out as the most sought out partner by providing full-fledged help in regard to LLP incorporation. From initial consultation to document filing and taking necessary approvals. Backed by strong expertise and a team of professionals, we are fully equipped with the necessary skills to make things possible to give your business dream a launch pad.Due to numerous features, LLP remains a perfect choice of business entrepreneurs looking to make it big with their business idea. And we at registrationwala.com understand the value of business registration and leave no stone unturned to give the best possible support in regard to the same.Our expert professionals keep abreast themselves of the ongoing changes and advancements in the company incorporation procedures and apply the same while carrying out the job satisfactorily. We take a value-centric approach to every project we work upon. This gives us a distinctive edge in the industry that is passed on to our clients in the form of faster and effective results.
• Famous and accepted type of business across the world
• Low cost of Incorporation
• Easy to setup
• Easy to manage
• No cap on minimum capital contribution
• No restrictions in regard to maximum number of partners
• LLP & its partners are separate from each other
• Partners are not liable for Act of partners
• Less Compliance level.
• No exposure to personal assets of the partners except in case of fraud
• Less requirement as to preservation of legal records
• Less Government Interference
• Easy to dissolve or liquidity
• Professionals can form Multi-disciplinary Professional LLP, which was not permitted earlier.
• Copy of PAN Card
• Identity Proof (Voter Card, Passport, Driving Licence)
• Address Proof (Bank Statement, Mobile bill, Telephone bill, Electricity Bill)
• Passport Size Photo
For Registered Office
• Ownership Proof (Electricity Bill, Gas bill, Electricity Bill, Mobile Bill)
• NOC (Download Format)
The partners and consumers as well as competitors refer the LLP by its name. The name should not be similar with any existing company/ LLP and also with any Trademark. It should not include any word, prohibited by the Government or under any law prevailing in India. It is advisable to check on Google, MCA portal, MCA guidelines and trademark site the availability of company name.
Giving by its name, it is basically a digital signature of a person and is needed for filing the e-forms of LLP setup electronically to Ministry of Corporate Affairs. Digital Signature Certificates or DSC or Digital Signature are being accepted by various government agencies and now is a statutory requirement in different applications. It is a useful way of electronically signing documents.
The time consumed for LLP incorporation will depend on the filing of relevant documents by the client and speed of Government Approvals. To ensure a speedy process of incorporation, it is advisable to pick a unique name for your LLP and ensure you have all the required documents are provided before starting the incorporation process..
Certificate of Incorporation is a certificate allotted by the registrar of companies after due verification of the documents submitted by the proposed partners of an LLP. It is the conclusive evidence of incorporation of an LLP..
Yes, an NRI/Foreigner can become a partner of an LLP..
An LLP is needed to file annual return and Statement of Accounts and Solvency as a part of annual compliance.