Limited Liability Partnership
Limited Liability partnership offers the benefit of “limited liability” to it’s owners and at the same time it requires very minimal maintenance.
LLP is a new concept introduced by LLP act, 2008 as govern by MCA. It is basically a corporate version of partnership firm. Features of partnership firm and private limited company are merged as for limited liability, distinct identity and full control of their partners on activities of LLP.Easiest incorporation and compliance formalities are basic features of LLP.
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Advantages
- Limited Liability – Limited to Percentage of Shares.
- Separate legal entity – Separate identity as per law.
- Continued Existence – Separate legal entity does not deviate from the existence of partner’s.
- No Audit required – No Audit up to turnover and contribution 40 and 25 lakhs respectively.
Documents Required
- Name of the LLP (As suggested by promoter of the LLP and approved by MCA)
- Object/ Main Business of the LLP (As per promoter of the LLP)
- Office Address proof (Electricity bill , telephone bill )
- Photo (for all partner)
- Digital signature (for all partner)
- Valid mail id and phone no. (for all partner)
- ID Proof and Residential Address proof(for all directors) (Pan card , Aadhar card, Voter ID , Passport, Bank Statement ETC)
- Declaration by the partner (Format as suggested by CAVKMASKARA & Associates)
FAQ
Any adult individual(Inculding Foreigners /Nri)/organization can become the partner of LLP and maximum and minimum number of partners in LLP is 50 and 2 respectively.
A LLP can start even from your home except with proper address proof.
Minimum capital requirement of Rs. 5000.
Benefit in terms of corporate structure with benefits of partnership firm and private limited company.
Any adult individual can become a partner in a LLP. There is no requirement of educational qualification.
Yes, A LLP can change its registered office any time after following specified procedure.
Yes, you as a employee in any organisation can become the partner in LLP.
LegalNemBrij.com can incorporate a LLP within 15 days subject to available documents and approval of Government.
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