Limited Liability Partnership (LLP) Registration

Meaning of LLP

A limited liability partnership (LLP) is a type of partnership that allows a few or all partners (contingent upon the jurisdiction) to have certain defined liabilities. This signifies the liability of each partner towards the misconduct or negligence of another partner.

LLP is one of the easiest types of businesses to incorporate & manage and it integrates the advantages of a Partnership Firm and a Company.

Key Takeaways

Limited liability partnerships (LLPs) form a partnership design in which each partner has a limited liability proportional to the investment they have made in the business
LLP disperse the risk among the partners, leverage the individual abilities & competencies and form division of labor pattern
LLP is a common trend among professional businesses such as legal firms, wealth managers and Accounting consultancies.

Origin of concept

The concept of a limited liability partnership was introduced in India by the Limited Liability Partnership Act 2008.

The main reason behind the introduction of Limited Liability Partnership is to furnish such a form of business entity that is less complex in nature, easy to maintain, and pertains limited liability to its owners. Besides, an LLP offers non-rigidity of partnership and restricted liability of a company.

Suitability and Popularity

LLPs are most-popular among the Professionals and Closely held businesses that are family-owned. It is not suitable for those kinds of businesses who have plans to raise equity funds from Venture Capitalist, Angel Investors or Private Equity Funds.

Features of LLP Company

It has a separate legal entity like companies
The liability of each partner is limited to the contribution made by them
The cost of forming and running LLP is low compared to companies
Less compliance and regulations
No requirement of minimum capital contribution
Compulsory Audit is required only when the Contribution exceeds 25 lakhs or the Annual Turnover exceeds 40 Lakhs

Basic Requirements to Incorporate an LLP

Minimum 2 Designated Partners
Digital Signature of one Designated Partners
DPIN of all the Partners
The Contribution (tangible or intangible property or other benefits to the Limited Liability Partnership)
At least one designated partner is Indian Resident

Documents Required for LLP Registration

The LLP Act, 2008 has listed following requirements for incorporation of LLP

For Partners

PAN Card or Passport (for Foreigners)
Driving license or Aadhar card, residence card or election identity card, or other government-issued identity documents.
Telephone Bill or Bank Statement not older than 3 months

Registered Office Proof

The landlord provide proof of objection to the name on the gas or electricity bill or the property tax receipt or water bill or sales note in order to use the premises as its registered office.
Documentary evidence of any utilities, such as gas, electricity, telephone, etc., clearly indicating the address or document of the premises in the name of the owner (not older than two months).

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