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LIMITED LIABILITY PARTNERSHIP(LLP) REGISTRATION

LLP Registration is done under LLP Act, 2008.Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) was to provide a form of business entity that is simple to maintain while providing limited liability to the owners.  

In simple words, LLP is a partnership where the liabilities of partners are limited. LLP is one of the easiest types of businesses to incorporate and manage in India.

Limited Liability Partnership (LLP) can be registered, by at least two persons, who shall act as the designated partners of the LLP. At least one of the designated partners must be an Indian resident. There is no cap on the maximum number of partners.

The amount of capital can be mutually decided by partners in their LLP agreement. Partner’s contribution may consist of tangible, movable or immovable and/or intangible property and any other benefit to the LLP.

The cost of registering LLP is low as compared to the cost of incorporating a private limited or a public limited company since the registration cost of LLP is determined on the basis of the amount of contribution. Further, an audit of LLP is not mandatory if turnover doesn't exceed a specified threshold.

Minimum requirements for LLP Registration are:

1. At least 2 partners
2. PAN of partners
3. Aadhaar/Voter I'd of partners
4. Address proof of partners
5. Rent agreement and NOC from the landlord (in case of rented premises)
6. Proof of ownership (in case of owned premises)
7. Digital Signature Certificate-DSC

For more information regarding LLP Registration, visit http://www.mca.gov.in/MinistryV2/aboutfiling_llp_business_user.html
For information regarding Private Company Incorporation, click https://allroundtaxsolutions.com/private-company-incorporation/

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