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) is to provide a form of business entity that is simple to maintain while providing limited liability to the owners.
The main advantage of a Limited Liability Partnership over a traditional partnership firm is that in a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence. A LLP also provides limited liability protection for the owners from the debts of the LLP. However, unlike private limited company shareholder, the partners of an LLP have the right to manage the business directly.
Documents & Details Required for Registration of Limited Liability Partnership (LLP):
A. Partners and Capital:
- Minimum two Partners are Required, One Indian Resident is compulsory.
- Minimum Capital: There is no requirement to show proof of capital invested during the incorporation process
B. Documents & Details for Partners:
a) NRI or Foreign Directors:
- Passport Copy (APOSTILED)
- Address Proof- (If address not written on Passport) – (APOSTILED)
- Passport Size Photo
- Mobile No.
- Email ID
b) Resident Partners:
- PAN Copy (Self Attested)
- ID Proof (Self Attested)- Voter ID/ Passport/ Driving Licence
- Address Proof (Mobile Bill/Telephone Bill/ Electricity Bill/ bank statement not older than 2 months)
- Passport Size Photo
- Mobile No.
- Email ID
C. Documents & Details for Company:
- Name of Company
- Main Objects of Company
- Office Address Proof (Rent Agreement, Electric Bill & NOC if rented or Electric Bill & NOC if self)
- Email ID
- Mobile No.
