An LLP established in India under the “Limited Liability Partnership Act, 2008” shields partners from each other’s misconduct, a feature highly favored by experts, micro and small businesses, especially those that are family-owned or closely-held.
The Limited Liability Partnership Act, 2008, safeguards partners from personal liability while emphasizing the need for prudence. Unlike private limited companies, where creditors can only recover debts by liquidating company assets, LLP partners benefit from limited liability protection within the partnership structure.
In an LLP, partners enjoy limited liability, providing a crucial safeguard within the partnership framework. LLP registration services are facilitated by “LegalRaasta,” with offices located in Delhi NCR, Bengaluru, Mumbai, Chennai, and various other cities across India.
- Copy of PAN Card of partners
- Passport size photograph of partners
- Copy of Aadhaar Card/ Voter identity card/ Driver’s license as address proof
- Electricity/ Water bill/ Telphone bill/ Latest bank statement as proof of Registered Office (Business Place)
- Copy of Sale Deed/Property Deed (If owned property)
- Landlord NOC (Format will be provided)
- Digital Signature Certificate
- Passport (in case of Foreign Nationals/ NRIs)
- Copy of Notarised Rental Agreement
- Copy of NOC from the property owner
- It has a different legal entity, not at all like partnership firms.
- The liability and duty of each partner are limited to the commitment made by the partner.
- The expenditure on establishing an LLP is low.
- An audit is not required as LLPs are medium and independent companies.
- Less agreement and guidelines in the formation of LLP.
- No terms for least capital commitment.
- The responsibility of an LLP can be effortlessly moved to someone else. All you require is to select them as a Designated Partner of the LLP.
- An LLP has a ‘never-ending progression’ that is broadened endurance until it is brought to an end by a shared agreement between the partners.
- RUN – LLP Reserve Unique Name-Limited Liability Partnership- A form for reserving a name for the LLP
- FiLLiP – A Form for incorporation of LLP
- Form 5- Notice for change of name
- Form 17- Application and statement for the conversion of a firm into LLP
- Form 18- Application and Statement for conversion of a private company or unlisted public company into LLP