Limited Liability Partnership (LLP)

The liability of the LLP is limited. The personal assets of the partners will not be used for unpaid debts. If the company is facing a financial crisis, full assets of the LLP will be used to pay back their loans.

Benefits of Limited Liability Partnership

Limited Liability

Protects the member’s personal assets from the liabilities of the business. LLP’s are a separate legal entity to the members.

Flexibility

The operation of the partnership and distribution of profits is determined by written agreement between the members.

Legal Entity

The LLP is deemed to be a legal person. It can buy, rent, lease, own property, employ staff, and enter contracts.

Corporate Ownership

LLP’s can appoint two companies as members. In an LTD company, at least one director must be a real person.

Documents You’ll Need

1. ID Proof

Aadhar / Voter ID / Driving licence / Passport

2. Address Proof

The address proof of the member and nominee along with the proof of registered place of business (ownership documents/rent or lease agreement) or any bill in relation to electricity/landlord bill/bank statement.

3. Photos

The photos of the respective partners must be submitted for identification and verification purposes.

4. PAN Card

The PAN card of the respective partners and designated authorities of the LLP is required.

5. DSC

Digital Signature Certificate (DSC) is required for e-filing the incorporation of the LLP.

6. NOC (Owner/Landlord)

A No Objection Certificate from the property owner/landlord must be enclosed.

7. Passport

Passport is mandatory for any Non-Resident Indian (NRI) or foreign national partners.