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Limited Liability Partnership Registration

 

A Limited Liability Partnership (LLP) is a hybrid of Company and Partnership form of business. It combines the advantages of both the Company and Partnership into a single form of organization. It enjoys the benefits of having a separate legal entity, perpetual succession and a limited liability.

To incorporate a Limited Liability Partnership, a minimum of two people are required. A Limited Liability Partnership must have a minimum of two Partners and can have a maximum of any number of Partners.

Requirements to be a partner in a LLP:

The Designated Partners needs to be over 18 years of age and must be a natural person. There are no limitations in terms of citizenship or residency. Therefore, the LLP Act 2008 allows Foreign Nationals including Foreign Companies & LLPs to incorporate a LLP in India provided at least one designated partner is resident of India.

 

Capital required to register a LLP

One can start a Limited Liability Partnership with any amount of capital. There is no requirement to show proof of capital invested during the incorporation process.Partner’s contribution may consist of both tangible and/or intangible property and any other benefit to the LLP.

 

Documents required for incorporation of LLP
Identity proof and address proof is mandatory for all the proposed Designated Partners of the LLP. PAN Card is mandatory for Indian Nationals. In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises and must submit his/her identity proof and address proof.

Annual compliance requirement for  LLP

LLPs are required to file an annual filing with the Registrar each year. However, if the LLP has a turnover of less than Rs.40 lakhs and/or has a capital contribution of less than Rs.25 lakhs, the financial statements do not have to be audited.

Difference between LLP and a Partnership Firm?

  • An LLP is governed by the provisions of the LLP Act, 2008 whereas a Partnership is governed by the Partnership Act, 1932.
  • Registration of an LLP is compulsory but the registration of a partnership firm is optional.
  • A partnership firm does not have a perpetual succession.
  • A LLP can purchase immovable property in its own name, unlike a partnership firm,which cannot purchase property in its own name.

 

Also read :- Advantages of forming a LLP.

Advantages of LLP

Advantages of LLP

 

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