Limited Liability Partnership
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Overview of Limited Liability Partnership
Limited Liability Partnership is a type of partnership firm which is mostly preferred by entrepreneur. It is the easiest form of business structure with the benefit of limited liability. LLP registration gives freedom to partners to form a partnership structure where the liability of each partner is limited to the amount they contribute into the business. Limited liability partnership firm registration means that if the partnership fails, creditors cannot ask for partner’s personal property or income.
What is Limited Liability Partnership Firm?
LLPs or Limited Liability Partnership is a type of business structure which offers extra benefits in comparison to partnership firm. It provides limited liability to its partners at a very nominal compliance costs. Moreover, the Partners of the firm can organize their internal structure like a partnership firm.
In short, LLP is a separate legal entity from its member that has the power to extend all its assets keeping the liabilities of partners limited. Hence, a Limited Liability Partnership is a hybrid of a company and a partnership firm.
Benefits of Limited Liability Partnership
Enjoys The Status Of Corporate Bodies
As per Section 3 of the Limited Liability Partnership Act, 2008, under LLP registration a firm is a corporate body which has come into force with effect from April 1, 2009. The Indian Partnership Act 1932 is not applicable to LLP.
Perpetual Succession
A Limited Liability Partnership firm has a benefit of perpetual succession and can continue its existence even after the retirement, death, insanity of one or more respective partners in the firm.
Shares Limited Liability
The most important feature of LLP is limited liability that all its partners should entertain which means their personal assets are safe and won’t be used to pay the losses or debt of the firm. Apart from it, innocent partners of a Limited Liability Partnership firm are not liable to pay for the wrong deeds done by some other partner.
Fewer Credentials Are Required
A person can start an LLP firm with just two partners out of which one should be an Indian resident. The designated partners of limited liability partnership firm can either be an individual or a corporate body. Moreover, there is no specific capital requirement to incorporate a limited liability partnership firm registration.
Quicker Decision Making Process
An agreement is printed on a stamp paper and signed by all the partners that define their roles and duties in the firm. It helps them in the decision making process.
Easy Online Registration And E-Filling
MCA has simplified LLP registration and made it an easy online procedure. The forms and the documents are filed electronically on the official MCA portal. A designated partner of a limitedliability partnership firm has to obtain DSC to sign these documents and forms.
Easy Conversion
If a public or private company or a partnership firm decides to emerge as a limited liability partnership, they can easily convert as per the provisions of the applicable act.
Efficient Business Management
The business is managed by the respective partners as per their roles and duties. The designated partners of the firm are responsible for the legal compliances.
Profit Sharing Business
Profit is equally shared amongst all the partners of a limited liability partnership firm. An LLP registration cannot be incorporated for a charitable purpose. Its purpose is to carry on business activities with an aim to earn profit.
Documents Required for Limited Liability Partnership
Here is a list of documents required for registration:
Documents Of Partners:
- ID Proof/PAN Card of the Partners
- Residential Proof of the partners
- Copies of Passport size Photograph
- Passport (in case of Foreign Nationals/ NRIs)
Documents Of LLP:
- Copies of the Proof of Registered Office
- DSC-Digital Signature Certificate
Documents of Partners
- ID Proof/PAN Card/ Of PartnersAll the partners of the firm are needed to provide their PAN card at the time of registering Limited Liability Partnership.
- Residential Proof Of PartnersPartner must submit anyone out of Passport, Driver’s license, Voter’s ID, or Aadhar Card. Moreover, the name & other details as per address proof & PAN card must be exactly same.
- PhotographPartners should also provide their passport size photograph, preferably on white background.
- Passport (In Case Of NRIs/Foreign Nationals)Foreign nationals & NRIs have to submit their passport by mandatorily for becoming a partner in Indian Limited Liability Partnership. Passport has to be duly notarized by the concerned authorities in the country of such foreign nationals & NRI, in addition Indian Embassy placed in that country can also authorize the documents.They have to submit a proof of address also which will be a bank statement, driving license, residence card/any government issued identity proof including the address.
Documents of LLP
Proof Of Registered Office Address
Proof of registered office must be submitted during the LLP registration within 30 days of its incorporation.
If the designated registered office is taken on rent, in that case the rent agreement and a NOC- no objection certificate from the landlord must be submitted. No objection certificate will act as the consent of the landlord to give permit the LLP to use the place as ‘registered office’ and operate its business.
In addition, anyone document out of utility bills like electricity, gas, or telephone bill must be submitted along with the application. Those bills must contain complete address of the located premise and owner’s name & the document shouldn’t be older than past 2 months.
Digital Signature Certificate
One of the designated partners of the LLP needs to opt for a DSC (digital signature certificate) as all documents & applications will be digitally signed by the concerned signatory.
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