Background

Limited Liability Partnership

Limited Liability Partnership

Limited liability partnership was introduced by the Limited Liability partnership Act, 2008. It differs from the traditional unlimited partnership under the Partnership ACT, 1890. Limited liability partnership provides limited liabilities for all the partners. LLP is mostly preferred by professionals and family, who own a small business. Your bank account should be with the minimum balance when you start LLP. No other capital is needed to start LLP.

Documents required
  • Scanned copy of passport or PAN card
  • Scanned copy of voter’s ID or driving license
  • Scanned copy of current bank statement, telephone bill or gas bill
  • Scanned passport-sized photograph
  • Blank document with a specimen signature of the partners

The above mentioned documents must be submitted by the partners and the self-attested copy of the first three documents should be provided by any one of the partners.

Scanned copy of the latest bank statement, No-objection certificate from the landlord, notarized rental agreement and property deed in English should be submitted as a document for the registered office.

Advantages of limited liability partnership
Separate legal entity

The LLP is a separate legal entity. Which means it is operated by its own name. The main advantage is that the one partner is not liable for another partner’s negligence.

Flexible agreement

The partners can draft the agreement according to their wish, with regard to their rights and duties.

Easy to wind-up

Winding up an LLP is much easier when it compared to the private limited company. Closing a private limited company will take nearly a year. But, LLP can be wind-up in two to three months.

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