Limited Liability Partnership

Limited Liability Partnership 

Limited Liability Partnership (LLP) in India took shape after January 2009, making it an instant success with startups and professional services. Limited Liability Partnership (LLP) Registration as the name suggests defines limited liability to its partners. Thus it has features of both, a corporation and a partnership. One partner is responsible for only his own actions and not the actions of his partner. LLPs are governed by Limited Liability Partnership Act(LLP Act), 2008.

Benefits Of LLP Incorporation 

• Limited Liability Protection to Director personal assets
• Separate Legal Existence & Operational Flexibility
• Better image and credibility in market
• Low cost as well as minimal compliance

Documents For Required For LLP Registration 

• Pan Card of all partners
• Partners address proof
• Photograph
• Passport (In case of NRIs)
• Registered office address
• DSC (Digital Signature)

Checklist 

• LLP Agreement
• Name of the entity, which is not identical to any prevailing company or trademark
• The capital contribution made by the serving partners of the LLP
• Minimum of two designated partners DSC of all the partners
• DPIN for all designated partners.
• Proof of registered office of the LLP.

Frequently Asked Questions 

Q. How much time does it take to register a LLP?

Ans. The registration of a Partnership Firm in India can take up to 10 to 14 working days. 

Q. If all partners wish to end the partnership, how can they do so?

Ans. If the partners of a firm want to end the partnership, then they can do so by dissolving the partnership by notice, A partnership can be dissolved in accordance with the terms laid out in the Partnership Deed.

Q. What are the Capital Required to starting a LLP?

Ans. No, any fixed capital is required to register a partnership firm.

Q. What are the requirements to become a partner in a partnership firm?

Ans. Yes, the registered LLPs in India can legally allure the foreign investments from the angel investors.