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Your Limited Liability Partnership(LLP) Registration

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What is Limited Liability Partnership (LLP) Registration?

Limited Liability Partnership Registration, a prime reason why it has evolved is that of its simplicity in a formation and easy maintenance. It helps owners also to limit their liabilities. This is the biggest advantage of the Limited Liability Partnership over a traditional Partnership Firm.

Incorporating an Limited Liability Partnership company has both Limited Liability features of a Private Limited Company and the flexibility of a Partnership Firm. No partner is liable on account of unauthorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s misconduct. LLP form of organization is usually preferred by Professionals, Micro and Small businesses that are family owned or closely-held.

Limited Liability Partnership Business Activities

A Limited Liability Partnership can undertake any type of business activity that an Indian person can undertake across most sectors and industries. However, there are some activities like banking, insurance, financial services, lending, defence, telecommunication that require specialized approval. In such cases, a company is mandatorily required to obtain various approvals from the Government. Hence, Limited Liability Partnership business structure only works for business activities that are company scale in nature.

Advantages Of Limited Liability Partnership

No Minimum Capital:

No Minimum Capital is required for LLP Formation. No minimum capital contribution required from partners. A Limited Liability Partnership can be registered even with Rs. 1000 as total capital contribution.

LLP Audit:

In The Case Of LLP, no mandatory Audit is required. The audit is required only when the turnover of the company exceeds Rs 40 lakhs and where the contribution exceeds Rs 25 lakhs.

Easy Transfer:

Interest in Limited Liability Partnership can easily be transferred by introducing new Designated Partner in LLP and it will not affect its existence As it is a separate legal entity.

Separate Legal Entity:

LLP Enjoys the benefit of Separate Legal Identity in the eyes of law which clearly states that assets and liabilities of the business are not the assets and liabilities of the Partners.

LLP Tax Benefits:

It is also exempted from various taxes such as dividend distribution tax and minimum alternative tax. The rate of tax on LLP is less than as compared to the company.

Multiple Relationship:

A Person can be a partner, employee or creditor of an Limited Liability Partnership. There may be different contracts with the same person in different capacity.

Document For Limited Liability Partnership

Photograph Of All The Partners

PAN Card Of All The Partners

ID Proof Of All The Partners(Driving License/Passport/Voter ID)

Electricity Bill For The Address Proof Of The Registered Office

Bank Statement of Two Year(Name,Address,Mobile No)