Startup Salahkar

logo
Puja Mohan & Associates
Company Secretaries
  • +91 93309 55300
  • startupsalahkar@gmail.com
Menu

Limited Liability Partnership

Limited Liability Partnerships (LLPs) were introduced in India under the Limited Liability Partnership Act, 2008, which specifies that partners are not liable for each other’s misconduct. LLPs are especially popular among experts, as well as micro and small businesses that are family-owned or closely held.

An LLP provides its partners with the advantage of limited liability while necessitating prudent management. In a private limited company, partners have limited responsibility toward creditors. If the company faces financial difficulties, banks or creditors can only sell the company’s assets, not the personal assets of the directors.

Get a Quote

    Benefits

    Separate Legal Entity

    An LLP is recognized as a distinct legal entity, unlike partnership firms.

    Limited Liability

    The liability of each partner is confined to the amount they have invested in the LLP.

    Cost-Effective Setup

    The expenses involved in establishing an LLP are relatively low.

    No Mandatory Audit

    LLPs are considered medium-sized independent companies and are not required to undergo an audit.

    Simplified Formation

    The process of forming an LLP involves fewer agreements and regulations.

    No Minimum Capital Requirement

    There are no stipulations regarding a minimum capital contribution.

    Transferable Responsibility

    The responsibilities of an LLP can easily be transferred to another individual by designating them as a partner.

    Continuity of Existence

    An LLP has a perpetual existence, continuing until it is dissolved by mutual consent of the partners.Eligibility criteria

    CHECKLIST/ DOCUMENTS

    • Minimum of 2 Partners: At least two partners, each aged 18 years or older.
    • No Capital Requirement: No minimum capital is needed for registration.
    • Designated Partner Requirement: At least one designated partner must be a resident of India.

    Required Documents:

    1. PAN Card: Copy of the PAN card for each partner.

    2. Passport-Sized Photographs: Recent passport-sized photos of all partners.

    3. Property Documents: Copy of Sale Deed or Property Deed if the property is owned.

    4. Landlord NOC: A No Objection Certificate from the landlord (format will be provided).

    5. Digital Signature Certificate: Required for the designated partners.

    6. Passport: For foreign nationals or NRIs.

    7. Rental Agreement: Notarized copy of the rental agreement, if applicable.

    8. NOC from Property Owner: Copy of the No Objection Certificate from the property owner.

    9. Address Proof: Aadhar card, voter ID, or driver’s license as proof of address.

    10. Proof of Registered Office: Electricity bill, water bill, telephone bill, or latest bank statement as proof of the registered office (business place).