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Limited Liabilities Partnership (LLP)

LLP is a corporate business vehicle that combines the flexibility of a partnership and the status of a Company. It is registered with and guided by the Ministry of Corporate Affairs.

  • Ideal forProfessional services firms

  • Time Required14-30 days

  • FeesStarting at Rs.500 onwards

It is a hybrid of the simplicity of a partnership business and the reverence of a corporate business. It allows the professional expertise and the entrepreneurial initiative to combine and operate in flexible innovative and efficient manner.

LLP provides benefits of limited liability while allowing its members the flexibility to organize their internal structure as partnership. it safeguards a partner from unlimited liability that a traditional partnership wooed about for ages. If a partner indulges into any wrongful act, it is his or her liability to compensate; no other partner feels the heat of loss. Thus LLP is a shield against joint liability for unauthorized actions of others. Again, there is almost no difference between an LLP and a partnership on taxation issues.. LLP is a body corporate and a legal entity separate from its partners. It will have perpetual succession. LLP Act 2008 is applicable to the organisation and there will be no relevance of Indian Partnership Act, 1932. Minimum two partners are required to form an LLP but there is no upper limit on number of partners. Less regulatory restrictions are imposed on LLP than a Company. But there are provisions in the LLP Act to cater to corporate actions like mergers, amalgamations etc. While enabling provisions in respect of winding up and dissolutions of LLPs have been made, detailed provisions in this regard would be provided by way of rules under the Act.

Included in our Package

  • LLP Deed
  • Accounting/Bookkeeping
  • Roc filings
  • Filing of Income tax return

Documents Required

  • Minimum two person as partner
  • DIN for the all the Partners
  • Minimum Capital shall be Rs. 10,000
  • Consent From the partners
  • Minimum Capital as decided by LLP agreement
  • Digital Signature for all the partners
  • Proof of Registered Address
  • NOC from the owner of premises
  • Colour Photo of all the partners

  • Pan Card of the all the partners, Address Proof of all the partners. (In case Premises is taken on Rent / Lease, Rent agreement will also be required.), Signature on Affidavit for DIN, Signature on the DSC Form, Signature on Consent form, Signature on Subscriber Sheet

Procedure/Step for Registration

  • 1

    Fill up Form-1 for reservation of name

  • 2

    Fill up Form-2 "Incorporation Document and Statement"

  • 3

    LLP Agreement to be drafted, signed and notarized on requisite Stamp Paper.

  • 4

    Fill up Form 3 Information with regard to LLP agreement within 30 days of the date of incorporation or within 30 days of such subsequent changes.

  • 5

    Form-4 for Notice of Appointment of Partner/ Designate Partner, his consent etc. within 30 days of the date of incorporation or within 30 days of such subsequent changes.

Advantage of Partnership Firm

  • Limited liability of a company at a low compliance cost.
  • Dual advantages- Corporate and partnership features simultaneously
  • No partner will be responsible for another partner’s misconduct
  • Cheaper to incorporate than a private limited company
  • Limits the liabilities of its partners