Limited Liablity Partnership(LLP)

Know More About Limited Liablity Partnership:

Limited Liability Partnership (LLP) is perfect for small business setups, since it offers the association doing business, with limited liability protection. With AapkaTax, you can register for a LLP from Rs. 7899/- onwards.

What is Limited Liability Partnership (LLP)?

With the coming of the Limited Liability Partnership Act, 2008; a new form of business entity was introduced in India, Limited Liability Partnership (LLP) the basic premise of which is to give a type of business form which is quite easy to control and maintain with giving limited liability to all owners. After, its introduction in 2010, LLPs have been well acclaimed with over 1 lakhs of registrations up till September, 2014.

The major benefit of Limited Liability Partnership is that in a LLP, one partner is not liable for another partner's negligence unlike a regular partnership. It also assures limited liability protection for the owners from the debts of the LLP. Hence, all associates in a LLP are ensured a form of limited liability protection for every partner’s protection in the partnership, which is very much similar to the shareholders of a private limited company. But, the partners in a LLP have the right to control the business directly, unlike the shareholders in a private limited company.

LLP is one of the simplest type of business to imbibe and manage in the country. It has an easy incorporation procedure and compliance formalities and hence is much preferred by Micro, Professionals and Small businesses that are family earned or closely-linked. But LLPs are not fit for imbibing equity shares, they must be used for any type of business that has plans for raising equity funds in its lifetime. AapkaTax gives the best LLP registration services in India. With LLP registration, AapkaTax also provides a large variety of business registration services such as Nidhi Company Registration, private limited company registration, Section 8 Company Registration, one person company registration, Producer Company Registration and Indian Subsidiary registration. The average time consumed for completion of a LLP registration is about 15 - 20 working days, based on time taken by in government processing and client document submission. By Scheduling an appointment with an AapkaTax Advisor you can also get a free consultation on LLP registration and business setup in India.

Documents required for LLP Registration:

Identity and Address Proof
Identity and address proof of all directors and shareholders of the LLP will be required for registration. Also for, Indian nationals, PAN is mandatory. For foreign nationals, an apostilled or notarized copy of passport needs be submitted compulsorily. All documents submitted must be valid and the residence proof documents such as bank statement or electricity bill must be less than 2 months old.

Registered Office Proof
The LLPs must necessarily have a registered office in India of which they need to provide a recent copy of the electricity bill or property tax receipt or water bill. Also, along with the utility bills, a copy of the rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company needs to be submitted.

Hence, these are the mandatory documents:
1. Identity proof of partners
2. Address proof of partners
3. Address proof for registered office in India
4. Signed Partnership Deed