WHAT IS limited liability partnership (LLP)?
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction)have limited liabilities. It therefore exhibits elements of partnerships and corporations.[1] In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence. This is an important difference from the traditional unlimited partnership under the Partnership Act 1890, in which each partner has joint and several liability. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation.[2] In some countries, an LLP must also have at least one thing called as a “general partner” with unlimited liability.
Unlike corporate shareholders, the partners have the right to manage the business directly. In contrast, corporate shareholders have to elect a board of directors under the laws of various state charters. The board organizes itself (also under the laws of the various state charters) and hires corporate officers who then have as “corporate” individuals the legal responsibility to manage the corporation in the corporation’s best interest. An LLP also contains a different level of tax liability from that of a corporation.
For the purpose of registering a Limited Liability Partnership (LLP), there must be Minimum 2 partners.
Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor. As a result, in these countries, the LLP is more suited for businesses in which all investors wish to take an active role in management.
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DOCUMENTS REQUIRED FOR Limited Liability Partnership
- Passport size photographs of all Partners
- Pan of all Partners
- Voter Id/Adhaar/DL/Passport of all Partners
- Electricity bill of registered office of the company.
- Rent Agreement or NOC of Registered Office
Limited Liability Partnership Registration Process
| 2 Working Days | You need to send us above mentioned documents. The first process will be to apply DSC and DIN of Partners. |
| 7 Working Days | After getting DSC and DIN of all Partners, We will ask you six names of your choice for Limited Liability Partnership and Form FORM-1 will be filed for reservation of the name. |
| 4 to 5 Working Days | Your application will be processed by the department and the name of LLP will be approved. After approval of the name necessary documents will be prepared and incorporation forms will be filed to the registrar of companies. The registrar of companies, If find all the details in order, will issue a certificate of incorporation. |
| 1 Working Day | After Getting registration certificate of the Limited Liability Partnership (LLP), We will apply for PAN/TAN of the company as per your requirements. You will recieve PAN/TAN with in 15 days at your registered office. |